We analyze the lending relationships between 1011 banks and 17,284 client borrowers across 11 emerging economies. We first demonstrate that a state-owned bank's risk appetite increases as its number of family business group-owned borrowing partner...
INTERNATIONAL REVIEW OF FINANCE 14(1) 105-139 2014年3月 [査読有り]
We investigate determinants of household leverage in Japan, which did not experience the sharp rise in real estate prices and dramatic securitized mortgage market developments in the 2000s, and prove that these determinants are not universal. We e...
Firms choose either cross-border M&
A or greenfield foreign direct investment (FDI) when expanding their operations overseas. In this study, by focusing on Japanese firms pursuing FDI in emerging countries in Asia and Oceania, we provide empiri...
Journal of Asian Economics 24 66-79 2013年2月 [査読有り]
This paper investigates the causes and consequences of inward cross-border acquisitions in emerging countries. The focus is on business deals made by firms in China and India, where government ownership ratios remain high. Our empirical analysis y...
This paper investigates the factors that support a funding demand increase in regional economies under easing monetary conditions. The following results were empirically obtained on the basis of individual firms and the 47 regional data in the 200...