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| Author: | Kester, W. Luehrman, T. |
| Title: | The myth of Japan's low-cost capital |
| Journal: | Harvard Business Review
1992 : MAY-JUN, VOL. 70, p. 130-138 |
| Index terms: | JAPAN CAPITAL COSTS USA |
| Language: | eng |
| Abstract: | The authors challenge the recognition of Japan as a special case, concerning the common wisdom on capital costs. They claim that trapped savings lower capital costs only if domestic demand for capital is too low to absorb the savings. Contrary to the common wisdom, segmented markets, high Japanese savings , and an activist Japanese government did not ensure a low corporate cost of capital inside Japan before the financial liberalization of 1980s. Managers should stop complaining about how much capital costs and worry more about how to manage it after it has been raised. |
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