Onji, Kazuki; Vera, David; Corbett, Jenny - In: Journal of the Japanese and International Economies 26 (2012) 4, pp. 495-517
A case study of the Japanese bank recapitalization by Hoshi and Kashyap (2005) identified a bank that overstated the progress of required personnel downsizing by shifting employees to subsidiaries. This paper asks if the recapitalization program had a design flaw. We focus on regional banks with...