Holding companies legally separate the assets and owners of a company creating a layer of liability protection …. Theoretically, this feature lowers the risk attributable to holding companies, enabling them to offer lower-cost debts compared to …. Testing this hypothesis requires a separate classification of holding and stand-alone companies' outstanding debts to compare …

banks during the 1990s on credit allocation using the Short-term Economic Survey of Enterprises. This survey includes a … from our model. We found that credit was reduced when the balance sheet of firms and banks deteriorated. The effects are … particularly significant for non-manufacturing industries. -- Tankan Survey ; Credit crunch ; Ever-greening ; Non-performing loans …

, the model reflects empirical credit spread patterns, rationalizes the observed joint distribution of corporate events and …