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Priority Rule Violations and Perverse Banking Behaviors : Theoretical Analysis and Implications of the 1990s Japanese Loan Markets 🔍
Hiroyuki Seshimo,Fukuju Yamazaki (auth.) Springer Singapore : Imprint : Springer, SpringerBriefs in Economics, Development Bank of Japan Research Series, 1, 2017
英语 [en] · PDF · 2.5MB · 2017 · 📘 非小说类图书 · 🚀/lgli/lgrs/nexusstc/scihub/zlib · Save
描述
This book theoretically and empirically explores why Japanese banks engaged in seemingly contradictory behaviors in the 1990s, namely, the credit crunch and evergreening, i.e., inefficient additional lending. A credit crunch occurs when banks are unwilling to finance good and efficient projects. Evergreening implies that banks reluctantly lend additional money to poorly performing and financially vulnerable firms. The authors hypothesize that these practices stemmed from violation of the absolute priority rule (APR) by creditors, thus making it possible to explain this seemingly contradictory banking behavior in a consistent way.
In Japan, the APR has often been violated legally by courts and some governmental acts. Examples from the 1990s involve legal abuse in the form of short-term tenancy protection (__tanki chinshaku ken__) and political intervention in the liquidation of Housing Loan Companies, or Ju-sen. The Supreme Court of Japan has issued critical decisions leading to serious violations of APR in the early 1990s. Evidence provided here supports theoretical results. Empirical testing for a significant difference in banking behavior before and after the Court decision using data from Japanese firms in the 1980s and 1990s found that theoretical arguments were empirically supportable in the last half of the 1980s and through the 1990s. Finally, based on their analysis, from the theoretical point of view the authors consider the optimal legal scheme to achieve the best assessment of initial and additional lending in light of the legal reform of the 2000s.
备用文件名
lgrsnf/K:/!genesis/0day/springer/10.1007%2F978-981-10-5852-3.pdf
备用文件名
nexusstc/Priority Rule Violations and Perverse Banking Behaviors/3eaf26f26f668da56203aa6244f4efef.pdf
备用文件名
scihub/10.1007/978-981-10-5852-3.pdf
备用文件名
zlib/Business & Economics/Hiroyuki Seshimo, Fukuju Yamazaki/Priority Rule Violations and Perverse Banking Behaviors: Theoretical Analysis and Implications of the 1990s Japanese Loan Markets_3396580.pdf
备选作者
Seshimo, Hiroyuki; Yamazaki, Fukuju
备选作者
Hiroyuki Seshimo, Fukuju Yamazaki
备用出版商
Springer Science + Business Media Singapore Pte Ltd
备用出版商
Springer Nature Singapore
备用版本
Development Bank of Japan Research Series, 1st ed. 2017, Singapore, 2017
备用版本
SpringerBriefs in Economics Ser, New York, Sept. 2017
备用版本
SpringerBriefs in economics, Singapore, 2017
备用版本
Place of publication not identified, 2017
备用版本
Springer Nature, Singapore, 2017
备用版本
Singapore, Singapore
备用版本
Sep 08, 2017
备用版本
2, 20170906
元数据中的注释
0
元数据中的注释
sm66435248
元数据中的注释
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元数据中的注释
Source title: Priority Rule Violations and Perverse Banking Behaviors: Theoretical Analysis and Implications of the 1990s Japanese Loan Markets (SpringerBriefs in Economics)
备用描述
Annotation This book theoretically and empirically explores why Japanese banks engaged in seemingly contradictory behaviors in the 1990s, namely, the credit crunch and evergreening, i.e., inefficient additional lending. A credit crunch occurs when banks are unwilling to finance good and efficient projects. Evergreening implies that banks reluctantly lend additional money to poorly performing and financially vulnerable firms. The authors hypothesize that these practices stemmed from violation of the absolute priority rule (APR) by creditors, thus making it possible to explain this seemingly contradictory banking behavior in a consistent way. In Japan, the APR has often been violated legally by courts and some governmental acts. Examples from the 1990s involve legal abuse in the form of short-term tenancy protection (tanki chinshaku ken) and political intervention in the liquidation of Housing Loan Companies, or Ju-sen. The Supreme Court of Japan has issued critical decisions leading to serious violations of APR in the early 1990s. Evidence provided here supports theoretical results. Empirical testing for a significant difference in banking behavior before and after the Court decision using data from Japanese firms in the 1980s and 1990s found that theoretical arguments were empirically supportable in the last half of the 1980s and through the 1990s. Finally, based on their analysis, from the theoretical point of view the authors consider the optimal legal scheme to achieve the best assessment of initial and additional lending in light of the legal reform of the 2000s
备用描述
This book theoretically and empirically explores why Japanese banks engaged in seemingly contradictory behaviors in the 1990s, namely, the credit crunch and evergreening, id est, inefficient additional lending. A credit crunch occurs when banks are unwilling to finance good and efficient projects. Evergreening implies that banks reluctantly lend additional money to poorly performing and financially vulnerable firms. The authors hypothesize that these practices stemmed from violation of the absolute priority rule (APR) by creditors, thus making it possible to explain this seemingly contradictory banking behavior in a consistent way. In Japan, the APR has often been violated legally by courts and some governmental acts. Examples from the 1990s involve legal abuse in the form of short-term tenancy protection (tanki chinshaku ken) and political intervention in the liquidation of Housing Loan Companies, or Ju-sen. The Supreme Court of Japan has issued critical decisions leading to serious violations of APR in the early 1990s. Evidence provided here supports theoretical results. Empirical testing for a significant difference in banking behavior before and after the Court decision using data from Japanese firms in the 1980s and 1990s found that theoretical arguments were empirically supportable in the last half of the 1980s and through the 1990s. Finally, based on their analysis, from the theoretical point of view the authors consider the optimal legal scheme to achieve the best assessment of initial and additional lending in light of the legal reform of the 2000s.
备用描述
Front Matter ....Pages i-xi
Introduction (Hiroyuki Seshimo, Fukuju Yamazaki)....Pages 1-6
Examples of APR Violation in Japan in the 1990s (Hiroyuki Seshimo, Fukuju Yamazaki)....Pages 7-14
Fundamental Structure of Our Model and the Result in the Case with no APR Violations (Hiroyuki Seshimo, Fukuju Yamazaki)....Pages 15-26
Economic Analysis of Excess Additional Credit (Loan Evergreening) (Hiroyuki Seshimo, Fukuju Yamazaki)....Pages 27-42
Empirical Evidence (Hiroyuki Seshimo, Fukuju Yamazaki)....Pages 43-60
DIP Finance, Optimal Priority Rule, and Implications for Japanese Legal Reforms (Hiroyuki Seshimo, Fukuju Yamazaki)....Pages 61-78
Concluding Remarks (Hiroyuki Seshimo, Fukuju Yamazaki)....Pages 79-80
备用描述
Keine Beschreibung vorhanden.
Erscheinungsdatum: 15.09.2017
开源日期
2017-11-21
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