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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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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's corporate groups with groups in other developed and developing countries. It then proceeds to examine the evolution of corporate groups in Japan since the mid-1970s. The main...
Persistent link: https://www.econbiz.de/10012469317
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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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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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Trade and Search : Social Capital, Sogo Shosha, and Spillovers
Rauch, James E. - 1996
A network/search view of international trade in differentiated products is proposed. It is shown that this view can explain the importance of ethnic and extended family ties in trade, the success of diversified trading intermediaries such as Japan's sogo shosha, and the ubiquity of government...
Persistent link: https://www.econbiz.de/10012473227
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Conglomerate Industry Choice and Product Differentiation
Hoberg, Gerard - 2011
conglomerates are most likely to operate and to understand conglomerate valuations. We find that conglomerates are more likely to … opportunities "between" them. Conglomerate firms have lower stock market valuations than matched single-segment firms when their … products are easier to replicate with single-segment firms. Conglomerate firms have stock market premiums when they have higher …
Persistent link: https://www.econbiz.de/10012461436
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The Dark Side of Internal Capital Markets : Divisional Rent-Seeking and Inefficient Investment
Scharfstein, David S. - 1997
We develop a model that shows how rent-seeking behavior on the part of division managers can subvert the workings of an internal capital market. In an effort to stop rent-seeking, corporate headquarters will be effectively forced into paying bribes to some division managers. And because...
Persistent link: https://www.econbiz.de/10012472852
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Business Groups and Trade in East Asia : Part 1, Networked Equilibria
Feenstra, Robert C. - 1997
We propose an economic model of business groups that allows for the cooperative behavior of groups of firms, where the number and size of each group is determined endogenously. In this framework, more than one configuration of groups can arise in equilibrium: several different types of business...
Persistent link: https://www.econbiz.de/10012472942