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The Canadian Keiretsu

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  • F.H. Buckley

Abstract

This article describes the Canadian "keiretsu", in which a main Chartered Bank dominates an interlocking group of corporate clients, investment dealers, trust companies, and professional advisors. Such a network facilitates information-sharing and monitoring among group members, while also reducing the agency costs of banker misbehavior. Most major Canadian firms are members of a "keiretsu", and stock ownership of Canadian corporations is far more concentrated than ownership of U.S. companies. 1997 Morgan Stanley.

Suggested Citation

  • F.H. Buckley, 1997. "The Canadian Keiretsu," Journal of Applied Corporate Finance, Morgan Stanley, vol. 9(4), pages 46-57.
  • Handle: RePEc:bla:jacrfn:v:9:y:1997:i:4:p:46-57
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    References listed on IDEAS

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    1. Raymond W. Goldsmith & Robert E. Lipsey & Morris Mendelson, 1963. "Introduction to "Studies in the National Balance Sheet of the United States, Vol. 2"," NBER Chapters,in: Studies in the National Balance Sheet of the United States, Volume 2, pages 1-40 National Bureau of Economic Research, Inc.
    2. Calomiris, Charles W. & Himmelberg, Charles P. & Wachtel, Paul, 1995. "Commercial paper, corporate finance, and the business cycle: a microeconomic perspective," Carnegie-Rochester Conference Series on Public Policy, Elsevier, pages 203-250.
    3. Richard T. Selden, 1963. "Trends and Cycles in the Commercial Paper Market," NBER Books, National Bureau of Economic Research, Inc, number seld63-1, January.
    4. Raymond W. Goldsmith & Robert E. Lipsey, 1963. "Studies in the National Balance Sheet of the United States, Volume 1," NBER Books, National Bureau of Economic Research, Inc, number gold63-1, January.
    5. Raymond W. Goldsmith, 1958. "Financial Intermediaries in the American Economy Since 1900," NBER Books, National Bureau of Economic Research, Inc, number gold58-1, January.
    6. Daniel Creamer & Sergei P. Dobrovolsky & Israel Borenstein & Martin Bernstein, 1960. "Index to "Capital in Manufacturing and Mining: Its Formation and Financing"," NBER Chapters,in: Capital in Manufacturing and Mining: Its Formation and Financing, pages 341-344 National Bureau of Economic Research, Inc.
    7. Naomi R. Lamoreaux, 1994. "Insider Lending: Banks, Personal Connections, and Economic Development in Industrial New England," NBER Books, National Bureau of Economic Research, Inc, number lamo94-1, January.
    8. Raymond W. Goldsmith, 1958. "The Role of Financial Intermediaries in the Financial Structure of the American Economy," NBER Chapters,in: Financial Intermediaries in the American Economy Since 1900, pages 297-334 National Bureau of Economic Research, Inc.
    9. Daniel Creamer & Sergei Dobrovolsky & Israel Borenstein, 1960. "Capital in Manufacturing and Mining: Its Formation and Financing," NBER Books, National Bureau of Economic Research, Inc, number crea60-1, January.
    10. Richard T. Selden, 1963. "Introduction to "Trends and Cycles in the Commercial Paper Market"," NBER Chapters,in: Trends and Cycles in the Commercial Paper Market, pages 1-5 National Bureau of Economic Research, Inc.
    11. Raymond W. Goldsmith & Robert E. Lipsey & Morris Mendelson, 1963. "Studies in the National Balance Sheet of the United States, Volume 2," NBER Books, National Bureau of Economic Research, Inc, number gold63-2, January.
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    Cited by:

    1. Vedres, Balázs, 2000. "A tulajdonosi hálózatok felbomlása. A rekombináns tulajdonformák szerepe és a hazai nagyvállalatok tulajdonszerkezetének jellemzői a kilencvenes évek végén
      [The break-up of the ownership networks.
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 680-699.
    2. King, Michael R. & Santor, Eric, 2008. "Family values: Ownership structure, performance and capital structure of Canadian firms," Journal of Banking & Finance, Elsevier, vol. 32(11), pages 2423-2432, November.

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