This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Institutions, Relationships and Bank Competition in Bond Underwriting Markets: An International Comparative Study Author info | Abstract | Publisher info | Download info | Related research | Statistics Ayako Yasuda
This paper addresses the question of whether existing institutional differences in banking systems affect bank competition in capital markets. Post-deregulation competition between entrant commercial banks and incumbent investment banks in the Japanese corporate bond underwriting market is empirically analyzed and compared with the results of the U.S. study in (Yasuda 2001b). I find that the certification effect alone cannot explain both the differences and similarities in the results. Drawing from the comparative banking literature, I interpret these findings as coming from the presence of "betrayal cost" in Japan and its absence in the U.S. These differences in the economic roles of relationships, as shaped by differences in the history of banking and corporate financing institutions, appear to persist in bank competition in the deregulated market.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
file . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Paper provided by Wharton School Center for Financial Institutions, University of Pennsylvania in its series Center for Financial Institutions Working Papers with number
01-31.
Download reference. The following formats are available: HTML ,
plain text ,
BibTeX ,
RIS (EndNote),
ReDIF
Length:
Date of creation: Jul 2001Date of revision:
Handle: RePEc:wop:pennin:01-31Contact details of provider: Postal: 3301 Steinberg Hall-Dietrich Hall, 3620 Locust Walk, Philadelphia, PA 19104.6367 Phone: 215.898.1279 Fax: 215.573.8757 Email: Web page: http://fic.wharton.upenn.edu/fic/ More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (Thomas Krichel).
Keywords: This paper has been announced in the following NEP Reports :
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Diamond, Douglas W, 1991.
"Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt ,"
Journal of Political Economy ,
University of Chicago Press, vol. 99(4), pages 689-721, August.
[Downloadable!] (restricted)
Puri, Manju, 1994.
"The long-term default performance of bank underwritten security issues ,"
Journal of Banking & Finance ,
Elsevier, vol. 18(2), pages 397-418, January.
[Downloadable!] (restricted)
James, Christopher, 1987.
"Some evidence on the uniqueness of bank loans ,"
Journal of Financial Economics ,
Elsevier, vol. 19(2), pages 217-235, December.
[Downloadable!] (restricted)
Gande, Amar, et al, 1997.
"Bank Underwriting of Debt Securities: Modern Evidence ,"
Review of Financial Studies ,
Oxford University Press for Society for Financial Studies, vol. 10(4), pages 1175-1202.
Takeo Hoshi & Anil Kashyap & David Scharfstein, 1993.
"The Choice Between Public and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan ,"
NBER Working Papers
4421, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Mayer, Colin, 1988.
"New issues in corporate finance ,"
European Economic Review ,
Elsevier, vol. 32(5), pages 1167-1183, June.
[Downloadable!] (restricted)
Other versions: Petersen, Mitchell A & Rajan, Raghuram G, 1995.
"The Effect of Credit Market Competition on Lending Relationships ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 110(2), pages 407-43, May.
[Downloadable!] (restricted)
Other versions: Takeo Hoshi & Anil Kashyap, 1999.
"The Japanese Banking Crisis: Where Did It Come From and How Will It End? ,"
NBER Working Papers
7250, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Raghuram G. Rajan & Luigi Zingales, 1994.
"What Do We Know About Capital Structure? Some Evidence from International Data ,"
NBER Working Papers
4875, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Diamond, Douglas W, 1984.
"Financial Intermediation and Delegated Monitoring ,"
Review of Economic Studies ,
Blackwell Publishing, vol. 51(3), pages 393-414, July.
[Downloadable!] (restricted)
Petersen, Mitchell A & Rajan, Raghuram G, 1994.
" The Benefits of Lending Relationships: Evidence from Small Business Data ,"
Journal of Finance ,
American Finance Association, vol. 49(1), pages 3-37, March.
[Downloadable!] (restricted)
Hoshi, Takeo & Kashyap, Anil & Scharfstein, David, 1990.
"The role of banks in reducing the costs of financial distress in Japan ,"
Journal of Financial Economics ,
Elsevier, vol. 27(1), pages 67-88, September.
[Downloadable!] (restricted)
Other versions: Jeffrey K. MacKie-Mason, 1989.
"Do Firms Care Who Provides their Financing? ,"
NBER Working Papers
3039, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Takeo Hoshi & Anil Kashyap & David Scharfstein, 1989.
"Bank monitoring and investment: evidence from the changing structure of Japanese corporate banking relations ,"
Finance and Economics Discussion Series
86, Board of Governors of the Federal Reserve System (U.S.).
Puri, Manju, 1999.
"Commercial banks as underwriters: implications for the going public process ,"
Journal of Financial Economics ,
Elsevier, vol. 54(2), pages 133-163, October.
[Downloadable!] (restricted)
Full
references
Access and
download statistics Did you know? You may want to explore EconPapers , which displays the same data as IDEAS in a different way.
This page was last updated on 2008-10-13.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .