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@techreport{NBERw13399,
 title = "Consolidation of Banks in Japan: Causes and Consequences",
 author = "Hosono, Kaoru and Sakai, Koji and Tsuru, Kotaro",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "13399",
 year = "2007",
 month = "September",
 doi = {10.3386/w13399},
 URL = "http://www.nber.org/papers/w13399",
 abstract = {We investigate the motives and consequences of the consolidation of banks in Japan during the period of fiscal year 1990-2004 using a comprehensive dataset. Our analysis suggests that the government's too-big-to-fail policy played an important role in the mergers and acquisitions (M&As), though its attempt does not seem to have been successful. The efficiency-improving motive also seems to have driven the M&As conducted by major banks and regional banks in the post-crisis period, while the market-power motive seems to have driven the M&As conducted by regional banks and corporative (shinkin) banks. We obtain no evidence that supports managerial motives for empire building.},
}