We investigate the economic role of trades in corporate subsidiaries in Japan between 1996 and 2010, in terms of valuation and performance effects. By pairing both sides to each deal, we show differences in firm characteristics, returns, and subsequent performance of buying and selling firms....

We analyze a large database collected from newspaper articles that report on major episodes of corporate restructuring in Japan between 1981 and 2007. By linking this database with financial data on public firms, we identify changes in the likelihood that a distressed undergoes restructuring, as...

This paper addresses the puzzling existence and persistence of a pronounced "middle-risk gap" in Japan's interest rate structure, which reflects an underdeveloped and distorted market for small-firm finance. The paper shows that a confluence of systemic reasons (including a shift away from the...

Using a unique dataset on all major corporate restructuring events in Japan between 1981 and 2010, we examine how bank-led rescue operations in Japan have changed over time. The incidence of restructuring by distressed firms has become less frequent after the 1990s. When firms undergo...