Japan's banking crisis: An event-study perspective
Japan's banking crisis: An event-study perspective
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DOI：
10.1016/j.jbankfin.2007.03.006
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发表时间：
2007-09-01
影响因子：
3.7
通讯作者：
Yafeh, Yishay
中科院分区：
文献类型：
--
作者：
Miyajima, Hideaki;Yafeh, Yishay
我们围绕与银行业危机（1995-2000年）相关的重大事件计算了日本非金融公司的异常股票回报，发现并非所有公司对银行业的萎靡程度都同样敏感：受影响最严重的是信用评级低、市账率低、杠杆率低、技术含量低的小型公司。这与“信贷紧缩”理论（进入金融市场的机会有限的公司对银行贷款的变化很敏感）以及创新很少由银行债务融资的说法是一致的。我们没有找到太多证据证明所谓的错误分配贷款来支持陷入困境的银行客户。 (c) 2007 Elsevier B.V. 保留所有权利。
We calculate abnormal stock returns for Japanese non-financial companies around major events associated with the banking crisis (1995-2000), and find that not all companies were equally sensitive to the malaise of the banking sector: the most affected were small, leveraged, low-tech companies with low credit ratings and low market to book ratios. This is consistent with "credit crunch" theories (companies with limited access to financial markets are sensitive to changes in bank lending) and with claims that innovation is rarely financed by bank debt. We do not find much evidence on the alleged misallocation of loans to support ailing bank clients. (c) 2007 Elsevier B.V. All rights reserved.