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
2017
RIETI Discussion Papers
- 17-E-090
"Listing and Financial Constraints" (UEDA Kenichi, ISHIDE Akira and GOTO Yasuo) - 17-E-086
"Forgiveness Versus Financing: The determinants and impact of SME debt forbearance in Japan" (ONO Arito and YASUDA Yukihiro) - 17-E-080
"Intangible Capital and the Choice of External Financing Sources" (HOSONO Kaoru and TAKIZAWA Miho) - 17-E-079
"When Japanese Banks Become Pure Creditors: Effects of declining shareholding by banks on bank lending and firms' risk taking" (ONO Arito, SUZUKI Katsushi and UESUGI Iichiro) - 17-E-072
"Market Thickness, Input-Output Linkages, and Agglomeration" (MIYAUCHI Yuhei and MIYAKAWA Daisuke) - 17-E-068
"Forecasting Firm Performance with Machine Learning: Evidence from Japanese firm-level data" (MIYAKAWA Daisuke, MIYAUCHI Yuhei and Christian PEREZ) - 17-E-062
"Bank-Firm Relationship and Small Business Innovation" (XU Peng) - 17-E-061
"Foreign Institutional Ownership and Risk Taking" (XU Peng) - 17-J-033
"Does Impaired Loss Accounting Affect Firms’ Investment? Evidence from Japan" (UESUGI Iichiro, NAKAJIMA Kentaro and HOSONO Kaoru) - 17-J-031
"Empirical Analysis on the Earnings Quality of Japanese SMEs" (KIM Hyonok and YASUDA Yukihiro)
2016
RIETI Discussion Papers
- 17-E-058
"Adverse Selection versus Moral Hazard in Financial Contracting: Evidence from collateralized and non-collateralized loans" (UCHIDA Hirofumi, UESUGI Iichiro and IWAKI Hiromichi) - 17-E-053
"Intangible Assets and Firms’ Liquidity Holdings: Evidence from Japan" (HOSONO Kaoru, MIYAKAWA Daisuke and TAKIZAWA Miho) - 17-E-046
"SME Policies as a Barrier to Growth of SMEs" (TSURUTA Daisuke) - 17-E-045
"Working Capital Management during Financial Crisis: Evidence from Japan" (TSURUTA Daisuke) - 17-E-028
"Product Network Connectivity and Information for Loan Pricing" (Jiangtao FU and OGURA Yoshiaki) - 17-E-020
"Inefficiency in Rice Production and Land Use: A panel study of Japanese rice farmers" (OGAWA Kazuo) - 17-J-016
"How Do Financial Institutions and Other Management Supporters Contribute to the Improvement of Business Conditions of Small and Medium Enterprises? Based on the Survey on the Aftermath of the SME Financing Facilitation Act" (YAMORI Nobuyoshi)
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)
