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Papers by Takeo Hoshi

Research paper thumbnail of Bank Monitoring and Investment: Evidence from the Changing Structure of Japanese Corporate Banking Relationships

Research paper thumbnail of Corporate structure, liquidity, and investment : evidence from Japanese panel data

Research paper thumbnail of Financial Globalization, 20th Anniversary Conference, NBER-TCER-CEPR

Research paper thumbnail of Enhancing Productivity (NBER-CEPR-TCER-Keio conference)

Research paper thumbnail of Lessons from the Japanese main bank system for financial system reform in Poland

Research paper thumbnail of Evolution of the Main Bank System in Japan

I modify the uniform-price auction rules in allowing the seller to ration bidders. This allows me... more I modify the uniform-price auction rules in allowing the seller to ration bidders. This allows me to provide a strategic foundation for underpricing when the seller has an interest in ownership dispersion. Moreover, many of the so-called "collusive-seeming" equilibria disappear.

Research paper thumbnail of The Choice Between Public and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan

As a result of deregulation, there was a dramatic shift during the 1980s in Japan away from bank ... more As a result of deregulation, there was a dramatic shift during the 1980s in Japan away from bank debt financing towards public debt financing: in 1975, more than 90% of the corporate debt of public companies was bank debt; in 1992 it was less than 50%. This paper presents a theory of the choice between bank debt and public debt and then examines the theory using firm level data on borrowing sources in Japan. We find that high net worth companies are more prone to use public debt. We also find that the more successful members of industrial groups (or keiretsu) and less successful owner-managed firms tended to access the public debt markets. We offer a number of interpretations of these results in light of the theory.

Research paper thumbnail of Unemployment (NBER-CEPR-TCER conference)

Research paper thumbnail of Listing Policy and Development of the Tokyo Stock Exchange in the Prewar Period

Financial Sector Development in the Pacific Rim, 2009

... Tetsuji Okazaki is a professor of economics at the University of Tokyo. We thank Takatoshi It... more ... Tetsuji Okazaki is a professor of economics at the University of Tokyo. We thank Takatoshi Ito, Andrew Rose, Youngjae Lim, Masaya Sakuragawa, and other par-ticipants of the conference for providing valuable comments. We ...

Research paper thumbnail of Will the U.S. and Europe Avoid a Lost Decade? Lessons from Japan’s Postcrisis Experience

IMF Economic Review, 2015

Research paper thumbnail of The Japanese Financial System: An Introductory Overview

Crisis and Change in the Japanese Financial System, 2000

Research paper thumbnail of Solutions to Japan's Banking Problems: What Might Work and What Definitely Will Fail

SSRN Electronic Journal, 2000

Research paper thumbnail of Corporate Restructuring in Japan during the Lost Decade

Japan's Bubble, Deflation, and Long-term Stagnation, 2010

Research paper thumbnail of The Economic Role of Corporate Grouping and the Main Bank System

Research paper thumbnail of Bank Monitoring and Investment: Evidence from the Changing Structure of Japanese Corporate Banking Relationships

Research paper thumbnail of The Choice Between Public and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan

As a result of deregulation, there was a dramatic shift during the 1980s in Japan away from bank ... more As a result of deregulation, there was a dramatic shift during the 1980s in Japan away from bank debt financing towards public debt financing: in 1975, more than 90% of the corporate debt of public companies was bank debt; in 1992 it was less than 50%. This paper ...

Research paper thumbnail of Japan’s financial regulatory responses to the global financial crisis

Journal of Financial Economic Policy, 2015

Research paper thumbnail of Corporate Finance and Human Resource Management in Japan 1

Corporate Governance in Japan, 2007

Research paper thumbnail of Postwar Reconstruction and Reorganization in Japan―Tackling an Economy‐wide Insolvency Problem―

Research paper thumbnail of Emergence and Development of Capital Market in Pre-war Japan

Research paper thumbnail of Bank Monitoring and Investment: Evidence from the Changing Structure of Japanese Corporate Banking Relationships

Research paper thumbnail of Corporate structure, liquidity, and investment : evidence from Japanese panel data

Research paper thumbnail of Financial Globalization, 20th Anniversary Conference, NBER-TCER-CEPR

Research paper thumbnail of Enhancing Productivity (NBER-CEPR-TCER-Keio conference)

Research paper thumbnail of Lessons from the Japanese main bank system for financial system reform in Poland

Research paper thumbnail of Evolution of the Main Bank System in Japan

I modify the uniform-price auction rules in allowing the seller to ration bidders. This allows me... more I modify the uniform-price auction rules in allowing the seller to ration bidders. This allows me to provide a strategic foundation for underpricing when the seller has an interest in ownership dispersion. Moreover, many of the so-called "collusive-seeming" equilibria disappear.

Research paper thumbnail of The Choice Between Public and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan

As a result of deregulation, there was a dramatic shift during the 1980s in Japan away from bank ... more As a result of deregulation, there was a dramatic shift during the 1980s in Japan away from bank debt financing towards public debt financing: in 1975, more than 90% of the corporate debt of public companies was bank debt; in 1992 it was less than 50%. This paper presents a theory of the choice between bank debt and public debt and then examines the theory using firm level data on borrowing sources in Japan. We find that high net worth companies are more prone to use public debt. We also find that the more successful members of industrial groups (or keiretsu) and less successful owner-managed firms tended to access the public debt markets. We offer a number of interpretations of these results in light of the theory.

Research paper thumbnail of Unemployment (NBER-CEPR-TCER conference)

Research paper thumbnail of Listing Policy and Development of the Tokyo Stock Exchange in the Prewar Period

Financial Sector Development in the Pacific Rim, 2009

... Tetsuji Okazaki is a professor of economics at the University of Tokyo. We thank Takatoshi It... more ... Tetsuji Okazaki is a professor of economics at the University of Tokyo. We thank Takatoshi Ito, Andrew Rose, Youngjae Lim, Masaya Sakuragawa, and other par-ticipants of the conference for providing valuable comments. We ...

Research paper thumbnail of Will the U.S. and Europe Avoid a Lost Decade? Lessons from Japan’s Postcrisis Experience

IMF Economic Review, 2015

Research paper thumbnail of The Japanese Financial System: An Introductory Overview

Crisis and Change in the Japanese Financial System, 2000

Research paper thumbnail of Solutions to Japan's Banking Problems: What Might Work and What Definitely Will Fail

SSRN Electronic Journal, 2000

Research paper thumbnail of Corporate Restructuring in Japan during the Lost Decade

Japan's Bubble, Deflation, and Long-term Stagnation, 2010

Research paper thumbnail of The Economic Role of Corporate Grouping and the Main Bank System

Research paper thumbnail of Bank Monitoring and Investment: Evidence from the Changing Structure of Japanese Corporate Banking Relationships

Research paper thumbnail of The Choice Between Public and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan

As a result of deregulation, there was a dramatic shift during the 1980s in Japan away from bank ... more As a result of deregulation, there was a dramatic shift during the 1980s in Japan away from bank debt financing towards public debt financing: in 1975, more than 90% of the corporate debt of public companies was bank debt; in 1992 it was less than 50%. This paper ...

Research paper thumbnail of Japan’s financial regulatory responses to the global financial crisis

Journal of Financial Economic Policy, 2015

Research paper thumbnail of Corporate Finance and Human Resource Management in Japan 1

Corporate Governance in Japan, 2007

Research paper thumbnail of Postwar Reconstruction and Reorganization in Japan―Tackling an Economy‐wide Insolvency Problem―

Research paper thumbnail of Emergence and Development of Capital Market in Pre-war Japan

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