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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

A Q-Theory of Banks

Begenau, Juliane - 2020

accounting is slow to acknowledge loan losses. We estimate the model and show that it reproduces the facts. We examine … counterfactuals: different accounting rules produce a novel policy tradeoff …

Persistent link: https://www.econbiz.de/10012482155

Transparency, Risk Management and International Financial Fragility

Draghi, Mario - 2003

Discussions of financial risk often fail to distinguish between risks that are consciously borne and those that are not. To understand the breeding conditions for financial crises the prime focus of concern should not be simply on large risk-taking per se, but on the unintended, or unanticipated...

Persistent link: https://www.econbiz.de/10012468892

Business groups and trade in East Asia

Feenstra, Robert C.; Huang, Deng-Shing; Hamilton, Gary G. - 1997

Persistent link: https://www.econbiz.de/10000619741

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

Regulating Conglomerates in China : Evidence from an Energy Conservation Program

Chen, Qiaoyi; Chen, Zhao; Liu, Zhikuo; Suárez Serrato, … - National Bureau of Economic Research - 2021

We study a prominent energy regulation affecting large Chinese manufacturers that are part of broader conglomerates. Using detailed firm-level data and difference-in-differences research designs, we show that regulated firms cut output and shifted production to unregulated firms in the same...

Persistent link: https://www.econbiz.de/10012599356

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

Corporate Governance, Business Group Governance and Economic Development Traps

Dau, Luis - 2020

Every firm in a developed economy relies on the mere existence of countless other firms to keep prices competitive up and down all supply chains. Without this network externality, no firm forms; and without many firms, no network forms; locking in a low-income trap. Business group governance...

Persistent link: https://www.econbiz.de/10012482288

How to Eliminate Pyramidal Business Groups - The Double Taxation of Inter-Corporate Dividends and Other Incisive Uses of Tax Policy

Morck, Randall - 2004

Arguments for eliminating the double taxation of dividends apply only to dividends paid by corporations to individuals. The double (and multiple) taxation of dividends paid by one firm to another -- intercorporate dividends - was explicitly included in the 1930s as part of a package of tax and...

Persistent link: https://www.econbiz.de/10012467743

Ferreting Out Tunneling : An Application to Indian Business Groups

Bertrand, Marianne - 2000

In many countries, controlling shareholders are accused of tunneling, transferring resources from companies where they have few cash flow rights to ones where they have more cash flow rights. Quantifying the extent of such tunneling, however, has proven difficult because of its illicit nature....

Persistent link: https://www.econbiz.de/10012470784

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