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An International Perspective of Japan's Corporate Groups and Their Prospects
Yafeh, Yishay - 2010
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/10012762884
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Is There a Diversification Discount in Financial Conglomerates?
Laeven, Luc - 2005
This paper investigates whether the diversity of activities conducted by financial institutionsinfluences their market valuations. We find that there is a diversification discount: The marketvalues financial conglomerates that engage in multiple activities, e.g., lending and non-lendingfinancial...
Persistent link: https://www.econbiz.de/10012784437
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Bank Ties and Bond Market Access : Evidence on Investment-Cash Flow Sensitivity in Japan
McGuire, Patrick - 2003
The banking literature has established that banks can alleviate information asymmetries between lenders and borrowers, while the Q literature has used cash flow sensitivity analysis to test whether financing constraints hinder investment. This paper investigates whether bank ties in Japan were...
Persistent link: https://www.econbiz.de/10012786618
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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/10012869223
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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/10013122462
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Trade and Search : Social Capital, Sogo Shosha, and Spillovers
Rauch, James E. - 2022
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/10013322117
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Industrial Groupings and Strategic FDI : Theory and Evidence
Blonigen, Bruce A.; Ellis, Christopher J.; Fausten, Dietrich - 2022
We show that industrial ownership structures, such as keiretsu groupings in Japan, may significantly impact firms' incentives to engage in FDI. While the previous literature has mainly focused on the cost of capital advantages enjoyed by keiretsu firms, this paper examines two relatively...
Persistent link: https://www.econbiz.de/10013310127
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The Structure and Formation of Business Groups : Evidence from Korean Chaebols
Almeida, Heitor; Park, Sang Yong; Subrahmanyam, Marti G.; … - 2021
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/10013311947
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Keiretsu and Relationship-Specific Investment : A Barrier to Trade?
Spencer, Barbara J.; Qiu, Larry D. - 2021
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/10013240947
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When Discounts Raise Costs : The Effect of Copay Coupons on Generic Utilization
Dafny, Leemore - 2016
Branded pharmaceutical manufacturers frequently offer "copay coupons'" that insulate consumers from cost-sharing, thereby undermining insurers' ability to influence drug utilization. We study the impact of copay coupons on branded drugs first facing generic entry between 2007 and 2010. To...
Persistent link: https://www.econbiz.de/10012981093