This paper examines the relationship between the intended use-of-proceeds and the bank characteristics and the bank underwriters' certification effect in Japan. We find that the bank underwriters are positively associated with the announcement return and the post-issue performance. However, if...

In this paper, we investigate the impact of bank mergers on the lending relationship and on client-firm performance. We study bank mergers that have occurred in Japan since 2000 and find that banks reduce the loan amounts for firms with which they have a close relationship and that banks'...

Using the Japanese bank merger dataset for the 2000s, this paper investigates whether the reduction of the ownership ratio by the blockholder affects companies' operating performance and bank-firm relationships. In Japan, banks are prohibited from holding more than 5% of the business company's...

This paper examines the effects of the intended use of proceeds on bank underwriters' certification roles in Japan following deregulation in 1999. We find that bank underwriters have a positive effect on announcement returns. However, when the issuer discloses that the intended use of proceeds...