We investigate the motives and consequences of the consolidation of banks in Japan during the period of fiscal year 1990-2004 using a comprehensive dataset. Our analysis suggests that the government's too-big-to-fail policy played an important role in the mergers and acquisitions (M&As), though...

We propose a framework under which one can analyze bank's securitization program in terms of firm value, leverage, and dividend payout. Our contributions are two-fold: (1) we provide an easy-to-use measure to see how the proceeds from asset sales are used, in particular focusing on the bank's...