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The Main Bank System and Corporate Investment: An Empirical Reassessment / Fumio Hayashi.
- Format:
- Book
- Author/Creator:
- Hayashi, Fumio.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w6172.
- NBER working paper series no. w6172
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- The Main Bank System and Corporate Investment
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1997.
- Summary:
- This paper examines whether the sensitivity of corporate investment to internal funds depends on the firm's access to a main bank, using the sample of Japanese manufacturing firms constructed by Hayashi and Inoue (1991). For either of two classifications of firms by their access to a main bank, there is no evidence that main bank ties mitigate the sensitivity of investment to the firm's liquidity. The large effect of main bank ties reported in Hoshi, Kashyap, and Scharfstein (1991) is most likely due to the relatively poor quality of their capital stock estimate.
- Notes:
- Print version record
- September 1997.
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