The Value of Bank Relationship - A Study on the Hokkaido Takusyoku Bank's Failure- (in Japanese)

Masahiro Hori

Economic Analysis, 2003, vol. 169, 24-49

Abstract: This paper empirically reassess the argument that the Japanese bank relationship has an economic value and main bank failure may cause client firms to incur a large economic loss. Through careful examination of firms' stock returns and financial statements around the HTB failure, we argue that the result of preceding studies overestimated the value of Japanese main bank relationship, and conclude that the value should not be overemphasized in the context of bailout policy discussion and systemic risk management.

Date: 2003
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