메뉴 건너뛰기




Volumn 17, Issue 3, 2003, Pages 233-262

The value of banking relationships during a financial crisis: Evidence from failures of Japanese banks

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0041760743     PISSN: 08891583     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0889-1583(03)00024-8     Document Type: Article
Times cited : (26)

References (46)
  • 1
    • 0036096452 scopus 로고    scopus 로고
    • The value of durable bank relationships: Evidence from Korean banking shocks
    • Bae, Kee-Hong, Kang, Jun-Koo, Lim, Chan-Woo, 2002. The value of durable bank relationships: Evidence from Korean banking shocks. Journal of Financial Economics 64, 181-214.
    • (2002) Journal of Financial Economics , vol.64 , pp. 181-214
    • Bae, K.-H.1    Kang, J.-K.2    Lim, C.-W.3
  • 2
    • 0001640839 scopus 로고
    • Pooling cross-section and time-series data in estimation of a dynamic model: The demand for natural gas
    • Balestra, Pietro, Nerlove, Marc, 1966. Pooling cross-section and time-series data in estimation of a dynamic model: The demand for natural gas. Econometrica 34, 585-612.
    • (1966) Econometrica , vol.34 , pp. 585-612
    • Balestra, P.1    Nerlove, M.2
  • 3
    • 84993839692 scopus 로고
    • The maturity structure of corporate debt
    • Barclay, Michael J., Smith, Clifford W., 1995. The maturity structure of corporate debt. Journal of Finance 50, 609-631.
    • (1995) Journal of Finance , vol.50 , pp. 609-631
    • Barclay, M.J.1    Smith, C.W.2
  • 4
    • 0038127300 scopus 로고
    • Relationship lending and lines of credit in small firm finance
    • Berger, Allen, Udell, Gregory F., 1995. Relationship lending and lines of credit in small firm finance. Journal of Business 68, 351-381.
    • (1995) Journal of Business , vol.68 , pp. 351-381
    • Berger, A.1    Udell, G.F.2
  • 5
    • 84993869788 scopus 로고
    • The effect of lender identity on a borrowing firm's equity return
    • Billet, M., Flannery, M.J., Garfinkel, J.A., 1995. The effect of lender identity on a borrowing firm's equity return. Journal of Finance 50, 699-718.
    • (1995) Journal of Finance , vol.50 , pp. 699-718
    • Billet, M.1    Flannery, M.J.2    Garfinkel, J.A.3
  • 6
    • 84934348995 scopus 로고
    • The Sherman antitrust act and the railroad cartels
    • Binder, John J., 1988. The Sherman antitrust act and the railroad cartels. Journal of Law and Economics 31 (2), 443-467.
    • (1988) Journal of Law and Economics , vol.31 , Issue.2 , pp. 443-467
    • Binder, J.J.1
  • 8
  • 9
    • 85031080690 scopus 로고    scopus 로고
    • Does the Japanese stock market price bank risk? Evidence from financial firm failures
    • forthcoming Submitted
    • Brewer III, Elijah, Genay, Hesna, Hunter, William Curt, Kaufman, George G., forthcoming. Does the Japanese stock market price bank risk? Evidence from financial firm failures. Journal of Money, Credit, and Banking. Submitted.
    • Journal of Money, Credit, and Banking
    • Brewer E. III1    Genay, H.2    Hunter, W.3    Curt, K.4    George, G.5
  • 10
    • 0008342955 scopus 로고    scopus 로고
    • Daiwa bank's reputational crisis: Valuation effects on bank-firm relationships
    • Manuscript, New York University
    • Chiou, Ingyu, 1999. Daiwa bank's reputational crisis: Valuation effects on bank-firm relationships. Manuscript, New York University.
    • (1999)
    • Chiou, I.1
  • 11
    • 0002881625 scopus 로고    scopus 로고
    • The importance of relationships to the availability of credit
    • Cole, Rebel A., 1998. The importance of relationships to the availability of credit. Journal of Banking and Finance 22, 959-977.
    • (1998) Journal of Banking and Finance , vol.22 , pp. 959-977
    • Cole, R.A.1
  • 12
    • 0002812128 scopus 로고    scopus 로고
    • Relationship lending within a bank-based system: Evidence from European small business data
    • Degryse, Hans, Van Cayseele, Patrick, 2000. Relationship lending within a bank-based system: Evidence from European small business data. Journal of Financial Intermediation 9, 90-109.
    • (2000) Journal of Financial Intermediation , vol.9 , pp. 90-109
    • Degryse, H.1    Van Cayseele, P.2
  • 13
    • 0038831326 scopus 로고    scopus 로고
    • Multiple versus single banking relationships: Theory and evidence
    • Detragiache, Enrica, Garella, Paolo, Guiso, Luigi, 2000. Multiple versus single banking relationships: Theory and evidence. Journal of Finance 55, 1133-1161.
    • (2000) Journal of Finance , vol.55 , pp. 1133-1161
    • Detragiache, E.1    Garella, P.2    Guiso, L.3
  • 14
    • 0003663682 scopus 로고    scopus 로고
    • Corporate valuation and the resolution of bank insolvency in East Asia
    • Unpublished working paper, World Bank
    • Djankov, Simeon, Jindra, Jan, Klapper, Leora, 2001. Corporate valuation and the resolution of bank insolvency in East Asia. Unpublished working paper, World Bank.
    • (2001)
    • Djankov, S.1    Jindra, J.2    Klapper, L.3
  • 15
    • 0001533965 scopus 로고    scopus 로고
    • Is relationship lending special? Evidence from the credit-file date in Germany
    • Elsas, Ralf, Krahnen, Jan Pieter, 1998. Is relationship lending special? Evidence from the credit-file date in Germany. Journal of Banking and Finance 22 (10-11), 1283-1316.
    • (1998) Journal of Banking and Finance , vol.22 , Issue.10-11 , pp. 1283-1316
    • Elsas, R.1    Krahnen, J.P.2
  • 16
    • 0008829309 scopus 로고    scopus 로고
    • Multiple banking relationships and the fragility of corporate borrowers
    • Foglia, A., Laviola, S., Reedtz, P. Marullo, 1998. Multiple banking relationships and the fragility of corporate borrowers. Journal of Banking and Finance 22 (10-11), 1441-1456.
    • (1998) Journal of Banking and Finance , vol.22 , Issue.10-11 , pp. 1441-1456
    • Foglia, A.1    Laviola, S.2    Reedtz, P.3    Marullo4
  • 18
    • 22044435516 scopus 로고
    • Can bank health affect investment? Evidence from Japan
    • Gibson, Michael S., 1995. Can bank health affect investment? Evidence from Japan. Journal of Business 68, 281-308.
    • (1995) Journal of Business , vol.68 , pp. 281-308
    • Gibson, M.S.1
  • 19
    • 0012075226 scopus 로고    scopus 로고
    • More evidence on the link between bank health and investment in Japan
    • Gibson, Michael S., 1997. More evidence on the link between bank health and investment in Japan. Journal of the Japanese and International Economies 11, 296-310.
    • (1997) Journal of the Japanese and International Economies , vol.11 , pp. 296-310
    • Gibson, M.S.1
  • 20
    • 0011836020 scopus 로고    scopus 로고
    • Main banks, creditor concentration, and the resolution of financial distress in Japan
    • Masahiko, Aoki, Saxonhouse, Gary (Eds.), Oxford Univ. Press, New York
    • Hall, Brian J., Weinstein, David, 2000. Main banks, creditor concentration, and the resolution of financial distress in Japan. In: Masahiko, Aoki, Saxonhouse, Gary (Eds.), Finance, Governance, and Competitiveness in Japan. Oxford Univ. Press, New York, pp. 64-80.
    • (2000) Finance, Governance, and Competitiveness in Japan , pp. 64-80
    • Hall, B.J.1    Weinstein, D.2
  • 21
    • 0002432433 scopus 로고
    • The role of banks in reducing the costs of financial distress in Japan
    • Hoshi, Takeo, Kashyap, Anil, Scharfstein, David, 1990. The role of banks in reducing the costs of financial distress in Japan. Journal of Financial Economics 27, 67-88.
    • (1990) Journal of Financial Economics , vol.27 , pp. 67-88
    • Hoshi, T.1    Kashyap, A.2    Scharfstein, D.3
  • 22
    • 0002308919 scopus 로고
    • Corporate structure, liquidity, and investment: Evidence from Japanese industrial groups
    • Hoshi, Takeo, Kashyap, Anil, Scharfstein, David, 1991. Corporate structure, liquidity, and investment: Evidence from Japanese industrial groups. Quarterly Journal of Economics 106, 33-60.
    • (1991) Quarterly Journal of Economics , vol.106 , pp. 33-60
    • Hoshi, T.1    Kashyap, A.2    Scharfstein, D.3
  • 23
    • 0001131377 scopus 로고
    • Some evidence on the uniqueness of bank loans
    • James, Christopher, 1987. Some evidence on the uniqueness of bank loans. Journal of Financial Economics 19, 217-235.
    • (1987) Journal of Financial Economics , vol.19 , pp. 217-235
    • James, C.1
  • 24
    • 58149363437 scopus 로고
    • Firm performance, corporate governance, and top executive turnover in Japan
    • Kang, Jun-Koo, Shivdasani, Anil, 1995. Firm performance, corporate governance, and top executive turnover in Japan. Journal of Financial Economics 38, 29-58.
    • (1995) Journal of Financial Economics , vol.38 , pp. 29-58
    • Kang, J.-K.1    Shivdasani, A.2
  • 25
    • 0011831075 scopus 로고    scopus 로고
    • Do banking shocks affect borrowing firm performance? An analysis of the Japanese experience
    • Kang, Jun-Koo, Stulz, Rene M., 2000. Do banking shocks affect borrowing firm performance? An analysis of the Japanese experience. Journal of Business 73 (1), 1-23.
    • (2000) Journal of Business , vol.73 , Issue.1 , pp. 1-23
    • Kang, J.-K.1    Stulz, R.M.2
  • 26
    • 43949159746 scopus 로고
    • Appointments of outsiders to Japanese corporate boards: Determinants and implications for managers
    • Kaplan, Steven N., Minton, Bernadette, 1994. Appointments of outsiders to Japanese corporate boards: Determinants and implications for managers. Journal of Financial Economics 36, 225-258.
    • (1994) Journal of Financial Economics , vol.36 , pp. 225-258
    • Kaplan, N.1    Minton, B.2
  • 27
    • 0000907284 scopus 로고
    • The Brazilian default announcement and the contagion effect hypothesis
    • Karafiath, Imre, Mynatt, Ross, Smith, Kenneth L., 1991. The Brazilian default announcement and the contagion effect hypothesis. Journal of Banking and Finance 15 (3), 699-716.
    • (1991) Journal of Banking and Finance , vol.15 , Issue.3 , pp. 699-716
    • Karafiath, I.1    Mynatt, R.2    Smith, K.L.3
  • 28
    • 45349110429 scopus 로고
    • A further evidence on the bank lending process and the capital-market response to bank loan agreements
    • Lummer, Scott L., McConnell, John J., 1989. A further evidence on the bank lending process and the capital-market response to bank loan agreements. Journal of Financial Economics 25, 99-122.
    • (1989) Journal of Financial Economics , vol.25 , pp. 99-122
    • Lummer, S.L.1    McConnell, J.J.2
  • 29
    • 0011765591 scopus 로고    scopus 로고
    • Event studies in economics and finance
    • MacKinlay, A. Craig, 1997. Event studies in economics and finance. Journal of Economic Literature 35 (1), 13-39.
    • (1997) Journal of Economic Literature , vol.35 , Issue.1 , pp. 13-39
    • MacKinlay, A.C.1
  • 30
    • 84975950477 scopus 로고
    • Measuring abnormal performance: The event parameter approach using joint generalized least squares
    • Malatesta, Paul, 1986. Measuring abnormal performance: The event parameter approach using joint generalized least squares. Journal of Financial and Quantitative Analysis 21 (1), 27-38.
    • (1986) Journal of Financial and Quantitative Analysis , vol.21 , Issue.1 , pp. 27-38
    • Malatesta, P.1
  • 31
    • 84977736064 scopus 로고
    • An examination of the impact of the Garn-St. Germain Depository Institutions Act of 1982 on commercial banks and savings and loan
    • Millon-Cornett, Marcia M., Tehranian, Hassan, 1990. An examination of the impact of the Garn-St. Germain Depository Institutions Act of 1982 on commercial banks and savings and loan. Journal of Finance 45 (1), 95-111.
    • (1990) Journal of Finance , vol.45 , Issue.1 , pp. 95-111
    • Millon-Cornett, M.M.1    Tehranian, H.2
  • 32
    • 0041020462 scopus 로고    scopus 로고
    • Banks and corporate control in Japan
    • Morck, Randall, Nakamura, Masao, 1999. Banks and corporate control in Japan. Journal of Finance 54, 319-339.
    • (1999) Journal of Finance , vol.54 , pp. 319-339
    • Morck, R.1    Nakamura, M.2
  • 33
    • 0011831464 scopus 로고    scopus 로고
    • Banks, ownership structure, and firm value in Japan
    • Morck, Randall, Nakamura, Masao, Shivdasani, Anil, 2000. Banks, ownership structure, and firm value in Japan. Journal of Business 73, 539-567.
    • (2000) Journal of Business , vol.73 , pp. 539-567
    • Morck, R.1    Nakamura, M.2    Shivdasani, A.3
  • 34
    • 0042887763 scopus 로고    scopus 로고
    • Bank relationships: A review
    • Harker, Patrick T., Zenios, Stavros A. (Eds.), Cambridge Univ. Press, Cambridge/New York/Melbourne
    • Ongena, Steven, Smith, David C., 2000a. Bank relationships: A review. In: Harker, Patrick T., Zenios, Stavros A. (Eds.), Performance of Financial Institutions: Efficiency, Innovation, Regulation. Cambridge Univ. Press, Cambridge/New York/Melbourne, pp. 221-258.
    • (2000) Performance of Financial Institutions: Efficiency, Innovation, Regulation , pp. 221-258
    • Ongena, S.1    Smith, D.C.2
  • 35
    • 0002898789 scopus 로고    scopus 로고
    • What determines the number of banking relationships? Cross-country evidence
    • Ongena, Steven, Smith, David C., 2000b. What determines the number of banking relationships? Cross-country evidence. Journal of Financial Intermediation 9, 26-56.
    • (2000) Journal of Financial Intermediation , vol.9 , pp. 26-56
    • Ongena, S.1    Smith, D.C.2
  • 36
    • 0037213595 scopus 로고    scopus 로고
    • Firms and their distressed banks: Lessons from the Norwegian banking crisis (1988-1991)
    • Ongena, Steven, Smith, David C., Michalsen, Dag, 2003. Firms and their distressed banks: Lessons from the Norwegian banking crisis (1988-1991). Journal of Financial Economics 67 (1), 81-112.
    • (2003) Journal of Financial Economics , vol.67 , Issue.1 , pp. 81-112
    • Ongena, S.1    Smith, D.C.2    Michalsen, D.3
  • 37
    • 0042386858 scopus 로고    scopus 로고
    • Corporate affiliations and the (mis)allocation of credit
    • Peek, J., Rosengren, E., 2002. Corporate affiliations and the (mis)allocation of credit. http://papers.ssm.com/sol3/delivery. cfm/SSRN_ID327303_code020924500.pdf?abstractid=327303
    • (2002)
    • Peek, J.1    Rosengren, E.2
  • 38
    • 84993914974 scopus 로고
    • The benefits of lending relationships: Evidence from small business data
    • Petersen, M., Rajan, R., 1994. The benefits of lending relationships: Evidence from small business data. Journal of Finance 49, 1367-1400.
    • (1994) Journal of Finance , vol.49 , pp. 1367-1400
    • Petersen, M.1    Rajan, R.2
  • 39
    • 0001103119 scopus 로고
    • The impact of merger-related regulations on the shareholders of acquiring firms
    • Schipper, Katherine, Thompson, Rex, 1983. The impact of merger-related regulations on the shareholders of acquiring firms. Journal of Accounting Research 21, 184-221.
    • (1983) Journal of Accounting Research , vol.21 , pp. 184-221
    • Schipper, K.1    Thompson, R.2
  • 40
    • 84993907263 scopus 로고
    • The value of bank durability: Borrowers as bank stakeholders
    • Slovin, Myron B., Sushka, Marie E., Polonchek, John A., 1993. The value of bank durability: Borrowers as bank stakeholders. Journal of Finance 48, 247-266.
    • (1993) Journal of Finance , vol.48 , pp. 247-266
    • Slovin, M.B.1    Sushka, M.E.2    Polonchek, J.A.3
  • 41
    • 0001347254 scopus 로고
    • Bank foreign lending, mandatory disclosure rules, and the reaction of bank stock prices to the Mexican debt crisis
    • Smirlock, Michael, Kaufold, Howard, 1987. Bank foreign lending, mandatory disclosure rules, and the reaction of bank stock prices to the Mexican debt crisis. Journal of Business 60 (3), 347-364.
    • (1987) Journal of Business , vol.60 , Issue.3 , pp. 347-364
    • Smirlock, M.1    Kaufold, H.2
  • 42
    • 0041384677 scopus 로고    scopus 로고
    • The evolution of 'too-big-to-fail' policy in Japan: Evidence from market equity values
    • Pacific Basin working paper series No. PB00-01. Federal Reserve Bank of San Francisco
    • Spiegel, Mark M., Yamori, Nobuyoshi, 2000a. The evolution of 'too-big-to-fail' policy in Japan: Evidence from market equity values. Pacific Basin working paper series No. PB00-01. Federal Reserve Bank of San Francisco.
    • (2000)
    • Spiegel, M.M.1    Yamori, N.2
  • 43
    • 85031070130 scopus 로고    scopus 로고
    • Financial turbulence and the Japanese main bank relationship
    • Pacific Basin working paper series No. PB00-04. Federal Reserve Bank of San Francisco
    • Spiegel, Mark M., Yamori, Nobuyoshi, 2000b. Financial turbulence and the Japanese main bank relationship. Pacific Basin working paper series No. PB00-04. Federal Reserve Bank of San Francisco.
    • (2000)
    • Spiegel, M.M.1    Yamori, N.2
  • 44
    • 0001104190 scopus 로고    scopus 로고
    • On the costs of a bank-centered financial system: Evidence from the changing main bank relationships in Japan
    • Weinstein, David E., Yafeh, Yishay, 1998. On the costs of a bank-centered financial system: Evidence from the changing main bank relationships in Japan. Journal of Finance 53, 635-672.
    • (1998) Journal of Finance , vol.53 , pp. 635-672
    • Weinstein, D.E.1    Yafeh, Y.2
  • 45
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
    • White, Ilalbert, 1980. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica 48 (4), 817-838.
    • (1980) Econometrica , vol.48 , Issue.4 , pp. 817-838
    • White, I.1
  • 46
    • 0000461746 scopus 로고    scopus 로고
    • Does bank relationship have an economic value? The effect of main bank failure on client firms
    • Yamori, Nobuyoshi, Murakami, Akinobu, 1999. Does bank relationship have an economic value? The effect of main bank failure on client firms. Economics Letters 65, 115-120.
    • (1999) Economics Letters , vol.65 , pp. 115-120
    • Yamori, N.1    Murakami, A.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.