International Transmission of the 2007-2009 Financial Crisis: Evidence from Japan
International Transmission of the 2007-2009 Financial Crisis: Evidence from Japan
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2007-2009年金融危机的国际传导：来自日本的证据
DOI：
10.1111/jere.12092
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发表时间：
2016
影响因子：
1.2
通讯作者：
M. Takizawa and K. Tsuru
中科院分区：
文献类型：
--
作者：
Hosono;K.;M. Takizawa and K. Tsuru
我们通过考察金融危机期间的股票收益率和经营业绩的变化，研究金融危机对日本企业的国际传导。我们的研究结果表明，日本企业的股票收益率和经营业绩的变化主要是通过贸易渠道受到危机的影响。我们还发现，流动性渠道在应对危机的股票收益率下降和危机第一年资产收益率的变化中发挥了作用。我们得到的信贷紧缩渠道的证据不足，没有证据支持贸易融资渠道。
We investigate the international transmission of the 2007–2009 financial crisis to Japanese firms by examining both stock returns and changes in operating performance during the crisis. Our results indicate that Japanese firms were affected by the crisis mainly through the trade channel in both stock returns and changes in operating performance. We also find that the liquidity channel played a role in the fall of stock returns in response to the crisis and in the changes in return on assets during the first year of the crisis. We obtain weak evidence for the credit crunch channel and no evidence to support the trade finance channel.