Matsumura, Toshihiro; Ryser, Marc - In: The Journal of Legal Studies 24 (1995) 1, pp. 165-87
This article examines a unique Japanese extralegal enforcement system. We discuss how banks in Japan reveal private information about unpaid notes through a joint clearinghouse. We use a 2-period model with asymmetric information between insiders and outside investors, in which banks choose...