Empirical analyses of effects caused by reforms of corporate finance related laws and regulations

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We have investigated some effects caused by recent changes in Japanese financial markets conditions. Our findings are following three. The first is a negative side of relationship banking, more specifically, that the existence of cost to switch to a different bank enables inefficient stock funding of a main bank.The second is that we confirm differences of long-term performances after introducing anti-takeover measures between firms which introduces them in a transit period and the others. And we conclude that, in Japan, the adoption of the measures in the transit period was a signal of bad performance in the near future.The third is related to analyses of private workouts. We find that reconstruction of a bankrupt firm fails more often when it is a large-lot borrower of its main bank.