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The Impacts of Financial Deregulation upon Trading Efficiency and the Levels of Risk and Return of Japanese Banks

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Author Info

  • Pettway, Richard H
  • Tapley, T Craig
  • Yamada, Takeshi

Abstract

Japanese banks are very large and were rigidly controlled until financial deregulation began in the late 1970s. This paper measures the impact of deregulation upon the trading efficiency and the levels of risk and return of the largest twenty-seven listed Japanese banks. The authors found that, as the pace of deregulation increased, there were significant increases in trading efficiency, as well as in the levels of returns and risks. With deregulation , the Japanese banking system, which contains the largest banks in the world, has become less protected and more vulnerable to the discipline of market movements. Copyright 1988 by MIT Press.

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Bibliographic Info

Article provided by Eastern Finance Association in its journal The Financial Review.

Volume (Year): 23 (1988)
Issue (Month): 3 (August)
Pages: 243-68

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Handle: RePEc:bla:finrev:v:23:y:1988:i:3:p:243-68

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Web page: http://www.easternfinance.org/
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Web: http://www.blackwellpublishing.com/subs.asp?ref=0732-8516

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Cited by:
  1. Kane, Edward J. & Unal, Haluk & Demirguc-Kunt, Asli, 1991. "Capital positions of Japanese banks," Policy Research Working Paper Series 572, The World Bank.
  2. Saporoschenko, Andrew, 2002. "The sensitivity of Japanese bank stock returns to economic factors: An examination of asset/liability differences and main bank status," Global Finance Journal, Elsevier, vol. 13(2), pages 253-270.
  3. Amoako-Adu, Ben & Smith, Brian F., 1995. "The wealth effects of deregulation of Canadian financial institutions," Journal of Banking & Finance, Elsevier, vol. 19(7), pages 1211-1236, October.
  4. Koch, Timothy W. & Saporoschenko, Andrew, 2001. "The effect of market returns, interest rates, and exchange rates on the stock returns of Japanese horizontal keiretsu financial firms," Journal of Multinational Financial Management, Elsevier, vol. 11(2), pages 165-182, April.
  5. Dennis, Steven A. & Jeffrey, Andrew, 2002. "Structural changes in Australian bank risk," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 12(1), pages 1-17, February.

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