Harada, Kimie; Ito, Takatoshi - In: Journal of the Japanese and International Economies 25 (2011) 1, pp. 1-22
This paper applied the distance to default (DD) measure to five mergers among large Japanese banks during the crisis period. The DD helps us analyze whether mergers that took place in the late 1990s and 2000s made the merged banks financially more robust, as intended. Our findings include: (1) A...