Japanese firms, finance and markets:
Saved in:
| Format: | Book |
|---|---|
| Language: | English |
| Published: |
Melbourne
Addison-Wesley
1996
|
| Edition: | 1. publ. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XII, 308 S. graph. Darst. |
| ISBN: | 0582811082 |
Staff View
MARC
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Record in the Search Index
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| adam_text | Contents Tables vii
Figures ix
Acknowledgements »
Contributors xii
1 Introduction 1
PaulSheard
Part I Keiretsu and Competition:
Vertical Organisation versus Markets
2 Keiretsu and market access: an economics of organisation
approach 21
PaulSheard
3 Price formation and the structure of the distribution system 54
Kenn Ariga and Yasushi Ohkusa
Part II Corporate Governance Structures
4 Corporate governance and employment incentives: is the
Japanese system really different? 91
Gerald T. Garvey and Peter L. Swan
5 Reciprocal delegated monitoring in the main bank system 124
PaulSheard
6 Moral hazard and main bank monitoring 143
Luke Gower
v
7 Banks, blockholders and corporate governance: the role of
external appointees to the board 166
PaulSheard
Part HI The Financial System: Present and Future
8 The financial system and corporate competitiveness 191
Masasuke Ide
9 The impact of financial deregulation on corporate financing 222
Takeo Hoshi
10 Financial liberalisation and the safety net 249
Akiyoshi Horiuchi
11 Deregulation and the structure of the money market 274
Gordon de Brouwer
Appendixes
Appendix 3.1 Data selection and classification 79
Appendix 3.2 Model and estimation procedure 81
Appendix 3.3 Estimation method 84
Appendix 6.1 Derivation of the asset equations 160
Appendix 7.1 Variables and data sources 182
Index 301
vi
Tables Table 3.1 Cost characteristics of four types of distribution channel 63
Table 3.2 Summary statistics of estimation 67
Table 3.3 Wholesale price index versus consumer price index 67
Table 3.4 Type of distribution channel and price responsiveness 73
Table 3.5 Cross section regressions: price responsiveness 74
Table 3.6 Cross sectionregressions: asymmetry in price adjustments 75
Table 3.7 Response of prices, marginal costs and mark ups to yen
appreciation, 1985 88 and 1990 93 78
Table 7.1 Indexes of distribution of board positions by background
status 170
Table 7.2 Tobit estimation of proportion of directors entering from
other firms for listed Japanese firms, 1991 174
Table 7.3 Tobit estimation of proportion of directors entering from
banks for listed Japanese firms, 1991 177
Table 7.4 Logit estimation of likelihood ofpresident having come
from outside firm for listed Japanese firms, 1991 178
Table 7.5 Multinomial logit estimation of background ofpresident
for listed Japanese firms, 1991 180
Table 8.1 Characteristics of Japan s traditional financial system 192
Table 8.2 Major financial institutions in Japan and the United States 193
Table 8.3 Stock ownership structure in Japan and the United States 195
Table 8.4 Characteristics of major shareholders in Japan and the
United States 198
Table 8.5 International comparison of price/earnings ratios, 1980 95 205
Table 8.6 Financial performance of large Japanese and US industrial
companies 208
vii
Table 8.7 Minimum required profitability of large Japanese and US
industrial companies in the 1980s 208
Table 8.8 Profitability of cross country foreign direct investment in the
United States and Japan, 1980 88 210
Table 8.9 Trends in the profitability of large Japanese and US
companies, 1971 95 212
Table 9.1 Companies eligible to issue unsecured bonds, 1979 88 226
Table 9.2 Bond issue criteria for convertible bonds (domestic secured
and foreign unsecured), October 1976 present 229
Table 9.3 Sources of funds for large corporations, 1966 90 231
Table 10.1 Average annual change in number of branch offices and
amount of deposits 254
Table 10.2 Prudential regulations as of January 1962 255
Table 10.3 Japanese government debt, 1965 90 258
Table 10.4 Structure of fundraising by big and small/medium sized
business, 1970 89 259
Table 10.5 Bank loans to small and medium sized firms, 1968 89 260
Table 10.6 Major city bank loans to small and medium sized firms,
1975 89 261
Table 10.7 Bank credit to manufacturing, real estate industry and
non bank finance companies, 1951 91 262
Table 10.8 Loans sold to Cooperative Credit Purchasing Corporation,
J^Y 1992 93 264
Table 10.9 Chronology of financial assistance provided by Deposit
Insurance Corporation, 1992 96 267
Table 11.1 Structure of the Japanese money market, 1970 94 276
Table 11.2 Summary of money market reform, 1985 90 278
Table 11.3 Correlation coefficients for interbank and open market rates 293
Table 11.4 Augmented Dickey Fullertest statistics 293
Table 11.5 SummaryofmultivariateGrangercausalityrfinalprediction
error criterion 295
Table 11.6 Summary of multivariate Granger causality: Hannon Quinn
information criterion 295
viii
Figures Figure2.1 Forms oftransactional ties between vertically linked markets 29
Figure 2.2 Intermediate markets as a reflection of firm organisation 31
Figure 3.1 Prototypes of vertical transactions 64
Figure 3.2 Impulse response: aggregate wholesale price index,
measured as deviation from base run 68
Figure 3.3 Impulse response: aggregate consumerprice index,
measured as deviation from base run 68
Figure 3.4 Average elasticity of price responses: type I sector 70
Figure 3.5 Average elasticity of price responses: type II sector 70
Figure 3.6 Average elasticity of price responses: type III sector 71
Figure 3.7 Average elasticity of price responses: type IV sector 71
Figure3.8 Averageelasticityofpriceresponses:miscellaneous 72
Figure 6.1 Estimates of compensating balances as a proportion of total
loans, May 1973 May 1988 147
Figure6.2 Estimates of compensating balances, May 1973 May 1988 148
Figure 6.3 Average contracted loan rates of city banks, 1973 88 148
Figure 8.1 Distribution of stock market returns for different holding
periods, January 1974 December 1989 203
Figure9.1 Proportion ofbond issues in foreign markets, 1975 93 227
Figure 9.2 Firms eligible to issue convertible bonds, 1977 89 230
Figure9.3 Bond issues by Japanese companies, 1975 93 232
Figure 9.4 Proportion of bond issues by type of bond, 1975 93 233
Figure 9.5 Straight bond issues by NTT, electricity and other companies,
1975 93 234
ix
Figure9.6 Bank debt ratio, 1966 93 235
Figure 9.7 Bank debt ratio for firms eligible to issue convertible bonds,
1975 93 235
Figure9.8 Coefficient of variation of bank debt ratio, 1975 93 236
Figure 9.9 Distribution of corporate bond ownership, 1954 94 239
Figure9.10 Convertible bond subscriptions by banks and households,
1969 85 239
Figure9.11 Proportion ofbankloans to manufacturing firms, 1974—93 242
Figure 9.12 Proportion ofbank loans to small and medium sized firms,
1978 93 242
Figure 9.13 Proportion of bank loans to real estate industry, 1977 93 243
Figure9.14 Proportion of bank loans to non banks, 1974 93 243
Figure 10.1 Average profit rates in banking industry, 1955 93 253
Figure 10.2 Ratio of equity capital to total deposits, FY 1960 85 256
Figure 11.1 Instruments and objectives of monetary policy in Japan 287
Figure 11.2 Principal money market operations of Bank of Japan 289
Figure 11.3 Multivariate Granger causality 294
x
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| geographic | Japan Economic policy Japan (DE-588)4028495-5 gnd |
| geographic_facet | Japan Economic policy Japan |
| id | DE-604.BV012923643 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:36:07Z |
| institution | BVB |
| isbn | 0582811082 |
| language | English |
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| physical | XII, 308 S. graph. Darst. |
| publishDate | 1996 |
| publishDateSearch | 1996 |
| publishDateSort | 1996 |
| publisher | Addison-Wesley |
| record_format | marc |
| spelling | Japanese firms, finance and markets ed. by Paul Sheard 1. publ. Melbourne Addison-Wesley 1996 XII, 308 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Wirtschaftspolitik Conglomerate corporations Japan Corporate governance Japan Corporations Japan Finance Finanzierung (DE-588)4017182-6 gnd rswk-swf Keiretsu (DE-588)4500065-7 gnd rswk-swf Kapitalmarkt (DE-588)4029578-3 gnd rswk-swf Japan Economic policy Japan (DE-588)4028495-5 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content Japan (DE-588)4028495-5 g Finanzierung (DE-588)4017182-6 s Kapitalmarkt (DE-588)4029578-3 s Keiretsu (DE-588)4500065-7 s DE-604 Sheard, Paul Sonstige oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008798245&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Japanese firms, finance and markets Wirtschaftspolitik Conglomerate corporations Japan Corporate governance Japan Corporations Japan Finance Finanzierung (DE-588)4017182-6 gnd Keiretsu (DE-588)4500065-7 gnd Kapitalmarkt (DE-588)4029578-3 gnd |
| subject_GND | (DE-588)4017182-6 (DE-588)4500065-7 (DE-588)4029578-3 (DE-588)4028495-5 (DE-588)4143413-4 |
| title | Japanese firms, finance and markets |
| title_auth | Japanese firms, finance and markets |
| title_exact_search | Japanese firms, finance and markets |
| title_full | Japanese firms, finance and markets ed. by Paul Sheard |
| title_fullStr | Japanese firms, finance and markets ed. by Paul Sheard |
| title_full_unstemmed | Japanese firms, finance and markets ed. by Paul Sheard |
| title_short | Japanese firms, finance and markets |
| title_sort | japanese firms finance and markets |
| topic | Wirtschaftspolitik Conglomerate corporations Japan Corporate governance Japan Corporations Japan Finance Finanzierung (DE-588)4017182-6 gnd Keiretsu (DE-588)4500065-7 gnd Kapitalmarkt (DE-588)4029578-3 gnd |
| topic_facet | Wirtschaftspolitik Conglomerate corporations Japan Corporate governance Japan Corporations Japan Finance Finanzierung Keiretsu Kapitalmarkt Japan Economic policy Japan Aufsatzsammlung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008798245&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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