Institutions, Relationships and Bank Competition in Bond Underwriting Markets: An International Comparative Study
Institutions, Relationships and Bank Competition in Bond Underwriting Markets: An International Comparative Study
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债券承销市场中的机构、关系和银行竞争：国际比较研究
DOI：
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发表时间：
2001
期刊：
影响因子：
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通讯作者：
A. Yasuda
中科院分区：
文献类型：
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作者：
A. Yasuda
本文讨论的问题是，现有的制度差异，在银行系统影响银行在资本市场上的竞争。对日本公司债券承销市场上进入的商业银行和现有投资银行之间放松管制后的竞争进行了实证分析，并与美国的研究结果进行了比较（Yasuda 2001 b）。我发现，认证效应本身并不能解释结果的差异和相似之处。从比较银行文献中，我解释这些发现来自“背叛成本”在日本的存在和它在美国的缺席。这些差异的经济作用的关系，塑造了不同的银行和企业融资机构的历史，似乎坚持在银行竞争中的放松管制的市场。
This paper addresses the question of whether existing institutional differences in banking systems affect bank competition in capital markets. Post-deregulation competition between entrant commercial banks and incumbent investment banks in the Japanese corporate bond underwriting market is empirically analyzed and compared with the results of the U.S. study in (Yasuda 2001b). I find that the certification effect alone cannot explain both the differences and similarities in the results. Drawing from the comparative banking literature, I interpret these findings as coming from the presence of "betrayal cost" in Japan and its absence in the U.S. These differences in the economic roles of relationships, as shaped by differences in the history of banking and corporate financing institutions, appear to persist in bank competition in the deregulated market.
公共债务和私人债务的选择：日本放松管制后的企业融资分析
DOI：
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发表时间：
1993
期刊：
影响因子：
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作者：
T. Hoshi;A. Kashyap;D. Scharfstein
通讯作者：
D. Scharfstein