Using a dataset of Japanese firms from the latter half of the 1990s to 2010, we conduct an analysis of the determinants of the funding through initial public offerings (IPOs) by non-listed companies, and the funding through seasoned equity offerings (SEOs) and bond issues by listed companies, as...

Is the timing of a firm's large-scale investment (investment spike) affected by external finance constraints? We use firm-level quarterly data including those on unlisted firms, and estimate the investment hazard rate, i.e., the probability of undertaking a new investment spike today as a...

In this paper, we investigate whether a natural selection mechanism works for firm exit. By using data of firms after a devastating earthquake, the Great Tohoku Earthquake, we examine the impact of firm efficiency on firm exit both inside and outside the earthquake-affected areas. We find...

This paper examines the economic impact of the collateral and the bank lending channels simultaneously by taking advantage of exogenous shocks to a firm’s tangible assets and a bank’s net worth caused by the massive Tohoku earthquake in 2011. We obtain the following findings: (1) damages to...