Overview
This project aims to set policy-oriented research agenda on corporate finance, banking, and firm dynamics including the behavior of interfirm relationships and to implement empirical studies on them. Thepolicy-oriented research agenda includes the behavior of financially-distressed firms after the introduction of the Small and Medium-sized Enterprises (SME) Finance Facilitation Act, the role of government-affiliated financial institutions during the crisis period, and the role of equity financing for firms' entry, growth, and restructuring. The project also examines other research topics as well and derives relevant policy implications. These topics include the interaction between the real estate market and the macro economy and the network-motivated lending decision by banks.
May 11, 2015 - March 31, 2017
Major Research Results
2015
RIETI Discussion Papers
- 16-E-056
"Does the Policy Lending of a Government Financial Institution to Mitigate the Credit Crunch Improve Firm Performance? Evidence from loan level data in Japan" (SEKINO Masahiro and WATANABE Wako) - 16-E-030
"Multiple Lenders, Temporary Debt Restructuring, and Firm Performance: Evidence from contract-level data" (MIYAKAWA Daisuke and OHASHI Kazuhiko) - 16-E-023
"A Comparison of the Lending Technologies between Private and Public Banks" (UCHIDA Hirofumi) - 16-E-004
"The Objective Function of Government-controlled Banks in a Financial Crisis" (OGURA Yoshiaki) - 15-E-141
"Capital Supply Channel through Venture Capitals: Evidence from matched data" (MIYAKAWA Daisuke and TAKIZAWA Miho) - 15-E-138
"Accounting Information Quality and Government Guaranteed Loans: Evidence from Japanese SMEs" (Hyonok KIM and YASUDA Yukihiro) - 16-J-023
"Non-personal Guaranteed Loans, Credit Availability, and Firm Performance" (UESUGI Iichiro, UCHIDA Hirofumi and IWAKI Hiromichi) - 16-J-021
"How do Small and Medium-sized Enterprises Evaluate the Activities of Private Financial Institutions and Government-affiliated Financial Institutions? Is there a difference by firm age?" (YAMORI Nobuyoshi) - 16-J-018
"Securitization, Asset Risk, and Capital Market Valuation: Evidence from Japanese Real Estate Investment Trusts (J-REITs)" (EGAMI Masahiko and HOSONO Kaoru)