Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/53226
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dc.contributor.authorGiannetti, Mariassuntaen_US
dc.contributor.authorSimonov, Andreien_US
dc.date.accessioned2011-12-15T11:31:33Z-
dc.date.available2011-12-15T11:31:33Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/53226-
dc.description.abstractExploiting the Japanese banking crisis as a laboratory, we provide firm-level evidence on the real effects of bank bailouts. Government recapitalizations result in positive abnormal returns for the clients of recapitalized banks. After recapitalizations, banks extend larger loans to their clients and some firms increase investment, but do not create more jobs than comparable firms. Most importantly, recapitalizations allow banks to extend larger loans to low and high quality firms alike, and low quality firms experience higher abnormal returns than other firms. Interestingly, recapitalizations by private investors have similar effects. Moreover, bank mergers engineered to enhance bank stability appear to hurt the borrowers of the sounder banks involved in the mergers.en_US
dc.language.isoengen_US
dc.publisher|aFondazione Eni Enrico Mattei (FEEM) |cMilanoen_US
dc.relation.ispartofseries|aNota di lavoro // Fondazione Eni Enrico Mattei: Institutions and markets |x103.2009en_US
dc.subject.jelG21en_US
dc.subject.jelG34en_US
dc.subject.ddc330en_US
dc.subject.keywordRecapitalizationen_US
dc.subject.keywordMergeren_US
dc.subject.keywordBanking Crisisen_US
dc.titleOn the real effects of bank bailouts: Micro-evidence from Japanen_US
dc.typeWorking Paperen_US
dc.identifier.ppn646145045en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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