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- W2109238181 abstract "We analyze a large database collected from newspaper articles that report on major episodes of corporate restructuring in Japan between 1981 and 2007. By linking this database with financial data on public firms, we identify changes in the likelihood that a distressed undergoes restructuring, as well as in some measures adopted during restructuring. We find that the way distressed Japanese firms are restructured has changed during this period. The likelihood that a large distressed firm with high levels of debt undergoes restructuring has declined. Those firms that undergo restructuring continue to adopt more aggressive measures in terms of layoffs and cutbacks than other distressed firms, suggesting that “restructuring”, when it happens, involves real adjustments. Banks continue to be important for firms with a clearly identified main bank, and the main bank is more likely to push for more drastic reductions in debt and bank loans than other entities leading a restructuring event. Hoshi and Schaede: School of International Relations and Pacific Studies, University of California, San Diego, NBER, and TCER. e-mails: thoshi@ucsd.edu, uschaede@ucsd.edu; Koibuchi: Faculty of Commerce and Economics, Chiba University of Commerce (CUC), Japan, e-mail: koibuchi@cuc.ac.jp. We received helpful comments from Noriyuki Yanagawa and participants of the ESRI conference in New York in March 2008. We thank Emi Fukuda, Kanako Hotta, Masafumi Iino, Akifumi Irie, Yuichiro Kawai, Yoshikazu Kuki, Kuni Nemoto, Masashi Osakada, Mary Shiratori, Christopher Syling, Kunio Takeda, and Koki Yoshida for research assistance." @default.
- W2109238181 created "2016-06-24" @default.
- W2109238181 creator A5004715696 @default.
- W2109238181 creator A5042051448 @default.
- W2109238181 creator A5090261027 @default.
- W2109238181 date "2009-01-01" @default.
- W2109238181 modified "2023-09-23" @default.
- W2109238181 title "Changes in Corporate Restructuring Processes in Japan, 1981-2007" @default.
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