This paper investigates whether balance-sheet conditions of firms and their main banks matter for firm investment behavior using dynamic corporate panel data in Japan for the period 1985-95. It finds that smaller non-bond issuing firms were facing liquidity constraints; these firms’...

Corporate bond issuers in emerging economies in Asia have often had a choice between an onshore market and an offshore one. Since 1998, however, many of these issuers have increasingly turned to the onshore market. This paper investigates systematically what factors have influenced this choice...

This paper examines the leverage of firms of seven economies in emerging Asia – Hong Kong SAR, Indonesia, Korea, Malaysia, the Philippines, Singapore and Thailand – between 1991 and 2015. For the sample as a whole, neither the mean nor median, nor the upper tails of the leverage distribution...