haku: @author Pinkowitz, L. / yhteensä: 3
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| Tekijä: | Pinkowitz, L. Williamson, R. |
| Otsikko: | Bank Power and Cash Holdings: Evidence from Japan |
| Lehti: | Review of Financial Studies
2001 : WINTER, VOL. 14:4, p. 1059-1082 |
| Asiasana: | BANKS JAPAN FINANCE |
| Kieli: | eng |
| Tiivistelmä: | Using industrial firms from the United States, Germany, and Japan, the authors examine the effect of bank power on cash holdings. The authors show that Japanese firms hold more cash than U.S. or German firms. The authors also document that Japanese cash balances are affected by the monopoly power of banks. During periods with powerful banks, firms' high cash holdings are consistent with banks extracting rents. When banks weakened, Japanese cash levels became more like U.S. firms. The authors conclude that strong Japanese banks persuade firms to hold large cash balances. This is contrary to widely held beliefs about the Japanese governance system. |
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