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We document that firms in eight East Asian countries and Japan diversify into more segments and engage into more related businessesas measured by the degree of vertical relatedness and complementaritythan firms in the USA. Using data for the 1990-6 period, we observe a trend towards...
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In the East Asian crisis, connections - with industrial groups or influential families - increased the probability of distress for financial institutions. Connections also made closure more, not less, likely, suggesting that the closure processes themselves were transparent. But larger...
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June 1999 - Evidence from East Asia suggests that a firm's ownership relationship with a family or bank provides insurance against the likelihood of bankruptcy during bad times, possibly at the expense of minority shareholders. Bankruptcy is more likely in countries with strong creditor rights...
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