The Evolution Of Bank Resolution Policies In Japan: Evidence From Market Equity Values
Mark Spiegel () and
Nobuyoshi Yamori ()
Journal of Financial Research, 2004, vol. 27, issue 1, 115-132
We examine the evidence in equity markets concerning bank regulatory policies in Japan from 1995 to 1999. Our results support the presence of information‐based contagion in Japanese equity markets. When the failure of a bank of certain regulatory status was announced, it adversely affected excess returns on banks with equal or lower levels of regulatory protection. Market participants therefore initially behaved as if only second regional and smaller banks would be allowed to fail. As the situation deteriorated, however, banks that traditionally enjoyed greater regulatory protection were also perceived to lose their too‐big‐to‐fail status.
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (18) Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:bla:jfnres:v:27:y:2004:i:1:p:115-132
Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0270-2592
Access Statistics for this article
Journal of Financial Research is currently edited by Jayant Kale and Gerald Gay
More articles in Journal of Financial Research from Southern Finance Association Contact information at EDIRC., Southwestern Finance Association Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().