Why do large firms in Japan hold small percentages of stock in trading partners? A firm that holds stock in a trading partner weakens its own bargaining position, for a portion of its own gain from trade then includes a share interest in the partner's gain from trade. But precisely for this reason the firm can at any time penalize the trading partner by divesting its share interest. Cross-shareholding therefore strengthens the penalties for opportunism and this may be its purpose. Opportunism here means substituting products of lower quality than claimed or misrepresenting investments that lower the other party's costs. Econometric analysis of the pattern of cross-shareholding within Japan's keiretsu groups in 1980 reveals ev...
Mutual Shareholding has long been a prominent future of Japanese corporate finance. Since the 1990s,...
We examine how keiretsu-related institutional investors behave in the Japanese stock market relative...
Work in progress This paper builds on the incomplete contracting paradigm and develops a two-stage g...
Why do large firms in Japan hold small percentages of stock in trading partners? A firm that holds s...
Banks and insurance companies in Japan have been more inclined to hold stock directly and indirectly...
Antitrust concern about keiretsu shareholding ties is misplaced and at odds with economic reasoning ...
A new measure of indirect shareholding is proposed and estimated for Japan's six major keiretsu grou...
Considering that the ownership structure of Japanese corporations has changed dramatically in the 19...
Using a sample of Japanese keiretsu firms, this paper examines the relation between the cross-holdin...
This dissertation investigates why a substantial number of common stocks is held by companies in ma...
Basic as it has become to studies of the Japanese economy, the concept of the "Keiretsu" is sheer fi...
Basic as it has become to studies of the Japanese economy, the concept of the "Keiretsu" is sheer fi...
Central to so many accounts of post-war Japan, the keiretsu corporate groups have never had economic...
For twenty-five years, the U.S. and Japanese governments have seen the rise of corporate groups in J...
Central to so many accounts of post-war Japan, the keiretsu corporate groups have never had economic...
Mutual Shareholding has long been a prominent future of Japanese corporate finance. Since the 1990s,...
We examine how keiretsu-related institutional investors behave in the Japanese stock market relative...
Work in progress This paper builds on the incomplete contracting paradigm and develops a two-stage g...
Why do large firms in Japan hold small percentages of stock in trading partners? A firm that holds s...
Banks and insurance companies in Japan have been more inclined to hold stock directly and indirectly...
Antitrust concern about keiretsu shareholding ties is misplaced and at odds with economic reasoning ...
A new measure of indirect shareholding is proposed and estimated for Japan's six major keiretsu grou...
Considering that the ownership structure of Japanese corporations has changed dramatically in the 19...
Using a sample of Japanese keiretsu firms, this paper examines the relation between the cross-holdin...
This dissertation investigates why a substantial number of common stocks is held by companies in ma...
Basic as it has become to studies of the Japanese economy, the concept of the "Keiretsu" is sheer fi...
Basic as it has become to studies of the Japanese economy, the concept of the "Keiretsu" is sheer fi...
Central to so many accounts of post-war Japan, the keiretsu corporate groups have never had economic...
For twenty-five years, the U.S. and Japanese governments have seen the rise of corporate groups in J...
Central to so many accounts of post-war Japan, the keiretsu corporate groups have never had economic...
Mutual Shareholding has long been a prominent future of Japanese corporate finance. Since the 1990s,...
We examine how keiretsu-related institutional investors behave in the Japanese stock market relative...
Work in progress This paper builds on the incomplete contracting paradigm and develops a two-stage g...