Bond underwriting fees and keiretsu affiliation in Japan

Abe de Jong; Peter Roosenboom; Willem Schramade

doi:10.1016/j.pacfin.2006.03.003

Bond underwriting fees and keiretsu affiliation in Japan

Abe de Jong, Peter Roosenboom, Willem Schramade

Onderzoeksoutput: Article › Academic › peer review

2 Citaten (Scopus)

Samenvatting

We examine fees on bonds issued by Japanese corporations during the 1994-2002 period. Over time, we find that fees have increased for those firms that are related to bank-led (financial) keiretsu, even after controlling for risk factors. During the same period, fees have fallen for firms not belonging to keiretsu. The higher fees for keiretsu firms were not offset by lower yields. It seems that, against the background of bond market deregulation and weaker banks, keiretsu membership has become a burden rather than an advantage.

Originele taal-2	English
Pagina's (van-tot)	522-545
Aantal pagina's	24
Tijdschrift	Pacific Basin Finance Journal
Volume	14
Nummer van het tijdschrift	5
DOI's	https://doi.org/10.1016/j.pacfin.2006.03.003
Status	Published - nov.-2006
Extern gepubliceerd	Ja

Toegang tot document

10.1016/j.pacfin.2006.03.003

Handle.net

Permanente koppeling

Citeer dit

@article{39d7d3480bc2485a9f79e147d362f152,

title = "Bond underwriting fees and keiretsu affiliation in Japan",

abstract = "We examine fees on bonds issued by Japanese corporations during the 1994-2002 period. Over time, we find that fees have increased for those firms that are related to bank-led (financial) keiretsu, even after controlling for risk factors. During the same period, fees have fallen for firms not belonging to keiretsu. The higher fees for keiretsu firms were not offset by lower yields. It seems that, against the background of bond market deregulation and weaker banks, keiretsu membership has become a burden rather than an advantage.",

keywords = "Banks, Bonds, Corporate groups, Deregulation, Fees, Keiretsu",

author = "{de Jong}, Abe and Peter Roosenboom and Willem Schramade",

year = "2006",

month = nov,

doi = "10.1016/j.pacfin.2006.03.003",

language = "English",

volume = "14",

pages = "522--545",

journal = "Pacific Basin Finance Journal",

issn = "0927-538X",

publisher = "Elsevier",

number = "5",

}

TY - JOUR

T1 - Bond underwriting fees and keiretsu affiliation in Japan

AU - de Jong, Abe

AU - Roosenboom, Peter

AU - Schramade, Willem

PY - 2006/11

Y1 - 2006/11

N2 - We examine fees on bonds issued by Japanese corporations during the 1994-2002 period. Over time, we find that fees have increased for those firms that are related to bank-led (financial) keiretsu, even after controlling for risk factors. During the same period, fees have fallen for firms not belonging to keiretsu. The higher fees for keiretsu firms were not offset by lower yields. It seems that, against the background of bond market deregulation and weaker banks, keiretsu membership has become a burden rather than an advantage.

AB - We examine fees on bonds issued by Japanese corporations during the 1994-2002 period. Over time, we find that fees have increased for those firms that are related to bank-led (financial) keiretsu, even after controlling for risk factors. During the same period, fees have fallen for firms not belonging to keiretsu. The higher fees for keiretsu firms were not offset by lower yields. It seems that, against the background of bond market deregulation and weaker banks, keiretsu membership has become a burden rather than an advantage.

KW - Banks

KW - Bonds

KW - Corporate groups

KW - Deregulation

KW - Fees

KW - Keiretsu

U2 - 10.1016/j.pacfin.2006.03.003

DO - 10.1016/j.pacfin.2006.03.003

M3 - Article

SN - 0927-538X

VL - 14

SP - 522

EP - 545

JO - Pacific Basin Finance Journal

JF - Pacific Basin Finance Journal

IS - 5

ER -

Bond underwriting fees and keiretsu affiliation in Japan

Samenvatting

Toegang tot document

Handle.net

Vingerafdruk

Citeer dit