TY  - JOUR
AU  - Hoshi, Takeo
AU  - Koibuchi, Satoshi
AU  - Schaede, Ulrike
TI  - The Decline in Bank-Led Corporate Restructuring in Japan: 1981-2010
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 23715
PY  - 2017
Y2  - August 2017
DO  - 10.3386/w23715
UR  - http://www.nber.org/papers/w23715
L1  - http://www.nber.org/papers/w23715.pdf
N1  - Author contact info:
Takeo Hoshi
University of Tokyo
7-3-1 Hongo
Bunkyo-ku, Tokyo 113-0033
Japan
Tel: +81-3-5841-5611
E-Mail: hoshireiwa@gmail.com

Satoshi Koibuchi
Chuo University
Faculty of Commerce
742-1 Higashi Nakano
Hachioji, Tokyo, 192-0393 Japan
E-Mail: koibuchi@tamacc.chuo-u.ac.jp

Ulrike Schaede
UC, San Diego
GPS 0519
La Jolla, CA  92093-0519
Tel: 858-534-2357
E-Mail: uschaede@ucsd.edu
M1  - published as Takeo Hoshi, Satoshi Koibuchi, Ulrike Schaede. "The Decline in Bank-led Corporate Restructuring in Japan: 1981-2010," in Franklin Allen, Shin-ichi Fukuda, Takeo Hoshi, organizers, "Corporate Governance (NBER-TCER-CEPR Conference)" Elsevier, Journal of the Japanese and International Economies, volume 47 (2018)

M3  - presented at "26th NBER-TCER-CEPR ", June 22, 2017
AB  - Using a unique dataset on all major corporate restructuring events in Japan between 1981 and 2010, we examine how bank-led rescue operations in Japan have changed over time. The incidence of restructuring by distressed firms has become less frequent after the 1990s. When firms undergo restructuring, they adopt real adjustments in terms of labor, assets and finance, but the intensity of these adjustments has also declined over time. In line with existing research, we interpret these findings as strong indicators of changing corporate governance in Japan, in particular in terms of the decline in corporate monitoring functions of main banks.
ER  -