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An International Perspective of Japan's Corporate Groups and their Prospects
Yafeh, Yishay - 2002
This paper reviews the literature on corporate groups in Japan and elsewhere, and offers a comparison of Japan … groups in Japan since the mid-1970s. The main conclusions that emerge are that: 1. Empirical evidence on the economic roles … of corporate groups in Japan is limited. 2. Japanese groups are, in some respects, quite similar to groups in other …
Persistent link: https://www.econbiz.de/10012469317
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Business Groups : Panics, Runs, Organ Banks and Zombie Firms
Colpan, Asli M.; Morck, Randall - National Bureau of Economic Research - 2021
Business groups often contain banks or near banks that can protect group firms from economic shocks. A group bank subordinate to other group firms can become an "organ bank" that selflessly bails out distressed group firms and anticipates a government bailout. A group bank subordinating other...
Persistent link: https://www.econbiz.de/10012599325
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Regulating Conglomerates in China : Evidence from an Energy Conservation Program
Chen, Qiaoyi; Chen, Zhao; Liu, Zhikuo; Suárez Serrato, … - National Bureau of Economic Research - 2021
shifted production to unregulated firms in the same conglomerate instead of improving their energy efficiency. Conglomerate …
Persistent link: https://www.econbiz.de/10012599356
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Business Groups and the Incorporation of Firm-specific Shocks into Stock Prices
Faccio, Mara - 2019
In lower-income economies, stocks exhibit less idiosyncratic volatility and business groups are more prevalent. This study connects these two findings by showing that business group affiliated firms' stock returns exhibit less idiosyncratic volatility than do the returns of otherwise similar...
Persistent link: https://www.econbiz.de/10012479857
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Keiretsu and Relationship-Specific Investment : A Barrier to Trade?
Spencer, Barbara J. - 2000
This paper develops a model of informal procurement within Japanese keiretsu so as to consider effects on intermediate-good imports, such as auto parts. Parts-suppliers make relationship-specific investments that benefit the auto-maker and prices are determined by bargaining after investment has...
Persistent link: https://www.econbiz.de/10012471203
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Bank Ties and Bond Market Access : Evidence on Investment-Cash Flow Sensitivity in Japan
McGuire, Patrick - 2003
paper investigates whether bank ties in Japan were costly for mature and healthy firms in the 1980's and 1990's, and whether …
Persistent link: https://www.econbiz.de/10012469054
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Industrial Groupings and Strategic FDI : Theory and Evidence
Blonigen, Bruce A. - 2000
We show that industrial ownership structures, such as keiretsu groupings in Japan, may significantly impact firms …
Persistent link: https://www.econbiz.de/10012470685
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Incentives for Diversification and the Structure of the Conglomerate Firm
Marshall, William J. - 1984
In this paper, we examine the proposition that both the structures of conglomerate firms and their merger activities …
Persistent link: https://www.econbiz.de/10012477816
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The Structure and Formation of Business Groups : Evidence from Korean Chaebols
Almeida, Heitor - 2009
In this paper we study the determinants of business groups' ownership structure using unique panel data on Korean chaebols. In particular, we attempt to understand how pyramids form over time. We find that chaebols grow vertically (that is, pyramidally) as the family uses well-established group...
Persistent link: https://www.econbiz.de/10012463666
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Is There a Diversification Discount in Financial Conglomerates?
Laeven, Luc - 2005
Persistent link: https://www.econbiz.de/10012467179