{"id":"https://openalex.org/W1966761380","doi":"https://doi.org/10.3386/w3435","title":"The Role of Banks in Reducing the Costs of Financial Distress in Japan","display_name":"The Role of Banks in Reducing the Costs of Financial Distress in Japan","publication_year":1990,"publication_date":"1990-09-01","ids":{"openalex":"https://openalex.org/W1966761380","doi":"https://doi.org/10.3386/w3435","mag":"1966761380"},"language":"en","primary_location":{"id":"doi:10.3386/w3435","doi":"https://doi.org/10.3386/w3435","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w3435","pdf_url":"https://doi.org/10.3386/w3435","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w3435","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5042051448","display_name":"Takeo Hoshi","orcid":"https://orcid.org/0000-0002-2487-5245","observed_orcids":["https://orcid.org/0000-0002-2487-5245"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I36258959","display_name":"University of California San Diego","ror":"https://ror.org/0168r3w48","country_code":"US","type":"education","lineage":["https://openalex.org/I36258959"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Takeo Hoshi","raw_affiliation_strings":["National Bureau of Economic Research (NBER)","University of California at San Diego"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"National Bureau of Economic Research (NBER)","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"University of California at San Diego","institution_ids":["https://openalex.org/I36258959"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5072485973","display_name":"Anil Kashyap","orcid":"https://orcid.org/0000-0002-9381-7663","observed_orcids":["https://orcid.org/0000-0002-9381-7663"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I40347166","display_name":"University of Chicago","ror":"https://ror.org/024mw5h28","country_code":"US","type":"education","lineage":["https://openalex.org/I40347166"]},{"id":"https://openalex.org/I77697173","display_name":"Federal Reserve Bank of Chicago","ror":"https://ror.org/03n7scr80","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608","https://openalex.org/I77697173"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Anil Kashyap","raw_affiliation_strings":["Federal Reserve Bank of Chicago","National Bureau of Economic Research (NBER)","University of Chicago, Booth School of Business"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Federal Reserve Bank of Chicago","institution_ids":["https://openalex.org/I77697173"]},{"raw_affiliation_string":"National Bureau of Economic Research (NBER)","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"University of Chicago, Booth School of Business","institution_ids":["https://openalex.org/I40347166"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5044226768","display_name":"David S. Scharfstein","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I136199984","display_name":"Harvard University","ror":"https://ror.org/03vek6s52","country_code":"US","type":"education","lineage":["https://openalex.org/I136199984"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"David Scharfstein","raw_affiliation_strings":["National Bureau of Economic Research (NBER)","Harvard Business School - Finance Unit"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"National Bureau of Economic Research (NBER)","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"Harvard Business School - Finance Unit","institution_ids":["https://openalex.org/I136199984"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":5,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":303,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12509","display_name":"Corporate Insolvency and Governance","score":0.3935999870300293,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12509","display_name":"Corporate Insolvency and Governance","score":0.3935999870300293,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.29350000619888306,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.1485999971628189,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-distress","display_name":"financial distress","score":0.8730000257492065},{"id":"https://openalex.org/keywords/bank-firm-relationships","display_name":"bank-firm relationships","score":0.7540000081062317},{"id":"https://openalex.org/keywords/free-rider-problem","display_name":"free-rider problem","score":0.6940000057220459},{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.9950000047683716},{"id":"https://openalex.org/keywords/japanese-firms","display_name":"Japanese companies","score":0.5090000033378601},{"id":"https://openalex.org/keywords/industrial-groups","display_name":"industrial groups","score":0.6990000009536743},{"id":"https://openalex.org/keywords/main-banks","display_name":"main banks","score":0.41499999165534973},{"id":"https://openalex.org/keywords/investment","display_name":"investment","score":0.34200000762939453},{"id":"https://openalex.org/keywords/sales","display_name":"sales","score":0.7200000286102295},{"id":"https://openalex.org/keywords/firm-performance","display_name":"firm performance","score":0.39100000262260437}],"concepts":[{"id":"https://openalex.org/C2984760201","wikidata":"https://www.wikidata.org/wiki/Q1785212","display_name":"Financial distress","level":2,"score":0.7765742540359497},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6213102340698242},{"id":"https://openalex.org/C139265228","wikidata":"https://www.wikidata.org/wiki/Q5283089","display_name":"Distress","level":2,"score":0.5156339406967163},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.5068238377571106},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.47029778361320496},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.12214845418930054},{"id":"https://openalex.org/C542102704","wikidata":"https://www.wikidata.org/wiki/Q183257","display_name":"Psychotherapist","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.3386/w3435","doi":"https://doi.org/10.3386/w3435","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w3435","pdf_url":"https://doi.org/10.3386/w3435","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"}],"best_oa_location":{"id":"doi:10.3386/w3435","doi":"https://doi.org/10.3386/w3435","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w3435","pdf_url":"https://doi.org/10.3386/w3435","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/17","score":0.44999998807907104,"display_name":"Partnerships for the goals"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W1966761380.pdf"},"referenced_works_count":8,"referenced_works":["https://openalex.org/W1500688562","https://openalex.org/W1967160623","https://openalex.org/W2000578291","https://openalex.org/W2089052482","https://openalex.org/W2108818539","https://openalex.org/W2112675628","https://openalex.org/W3122207283","https://openalex.org/W3124114405"],"related_works":["https://openalex.org/W4388082816","https://openalex.org/W7095747200","https://openalex.org/W4233390222","https://openalex.org/W1977705417","https://openalex.org/W3124915038","https://openalex.org/W2049444727","https://openalex.org/W3000422105","https://openalex.org/W1997391767","https://openalex.org/W1994718051","https://openalex.org/W4408462398"],"abstract_inverted_index":{"This":[0],"paper":[1],"explores":[2],"the":[3,78],"idea":[4],"that":[5,87],"financial":[6,42,65],"distress":[7,81],"is":[8],"costly":[9],"because":[10],"free-rider":[11,46],"problems":[12,49],"and":[13,47,71,74,103],"information":[14,48],"asymmetries":[15],"make":[16],"it":[17],"difficult":[18],"for":[19],"firms":[20,40,59,86,107],"to":[21,52,67,97],"renegotiate":[22],"with":[23,34,41,63],"their":[24,68],"creditors":[25],"in":[26,44,60],"times":[27],"of":[28,80],"distress.":[29],"We":[30],"present":[31],"evidence":[32],"consistent":[33],"this":[35],"view":[36],"by":[37],"showing":[38],"Japanese":[39],"structures":[43],"which":[45],"are":[50,88],"likely":[51],"be":[53],"small":[54],"perform":[55],"better":[56],"than":[57,82,106],"other":[58],"industrial":[61],"groups-those":[62],"close":[64],"relationships":[66],"banks,":[69],"suppliers,":[70],"customers-invest":[72],"more":[73,76,105],"sell":[75,104],"after":[77],"onset":[79],"non-qroup":[83],"firms.":[84],"Moreover,":[85],"not":[89],"group":[90],"members,":[91],"but":[92],"nevertheless":[93],"have":[94],"strong":[95,109],"ties":[96],"a":[98],"main":[99],"bank":[100,110],"also":[101],"invest":[102],"without":[108],"ties.":[111]},"counts_by_year":[{"year":2025,"cited_by_count":10},{"year":2024,"cited_by_count":27},{"year":2023,"cited_by_count":7},{"year":2022,"cited_by_count":8},{"year":2021,"cited_by_count":4},{"year":2020,"cited_by_count":6},{"year":2019,"cited_by_count":10},{"year":2018,"cited_by_count":10},{"year":2017,"cited_by_count":13},{"year":2016,"cited_by_count":7},{"year":2015,"cited_by_count":10},{"year":2014,"cited_by_count":8},{"year":2013,"cited_by_count":6},{"year":2012,"cited_by_count":15}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}
