2013 Fiscal Year Final Research Report
Empirical analyses of effects caused by reforms of corporate finance related laws and regulations
| Project/Area Number |
23530364
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Shinshu University |
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Principal Investigator |
HIROSE Sumio 信州大学, 経済学部, 准教授 (60377611)
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| Project Period (FY) |
2011 – 2013
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| Keywords | エクイティ・ファイナンス / リレーションシップ・バンキング / メインバンク / 第三者割当増資 / 債権放棄 / 敵対的買収防衛策 / 企業再建 / 私的整理 |
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| Research Abstract |
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.
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