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Capital Structure Choice in a Banking Crisis:  Evidence from Japan
发布时间:2013-3-25 来源:本站原创  


周一(41日)上午 10:00学术讲座通知:

 

主讲人:钟宁桦 博士同济大学经济与管理学院

 

演讲题目:Capital Structure Choice in a Banking Crisis:  Evidence from Japan

 

讲座语言:中文

 

地点:毓秀楼206-208会议室

 

*摘要:

 

Capital Structure Choice in a Banking Crisis:  Evidence from Japan

 

By SUDIPTO DASGUPTA JIE GAN and NINGHUA ZHONG

 

Abstract. We study Japan’s experience following the collapse of the property bubble in 1989 to identify how a shock to bank health in a banking crisis affects firms’ capital structure.

Japanese banks’ varying exposure to the real estate sector allows us to identify the effect of bank health on debt ratios. We find that while greater real estate exposure of the top

lender affects the debt ratios of profitable firms negatively, the effect is the opposite for unprofitable firms. In the former case, banks mainly cut short-term lending but there is no

significant effect on asset growth as firms substitute mainly to equity financing. However, in the later case, loans that firms cannot pay remains on the books (primarily as short-term debt),

and decrease in asset growth drives the debt ratio. We also find strong evidence that the nature of banking relationships matter: firms that belong to a main bank system but have no previous

history of bond issuance, firms that have more concentrated loans from one source (their top lender), and firms that borrow from fewer banks have access to more loans but are more affected by

adverse bank health due to a lack of diversification.

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