Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/16190
Title: Shareholdings by financial institutions, information asymmetry and the intertemporal return-earnings relation in Japan
Authors: Ho, SWM
Jiang, L 
Kim, JB
Keywords: Financial institutions
Information asymmetry
Joint ownership of debt and equity
Return-earnings relation
Issue Date: 2001
Publisher: Springer
Source: Asia-Pacific financial markets, 2001, v. 8, no. 2, p. 119-135 How to cite?
Journal: Asia-Pacific financial markets 
Abstract: Using a large sample of Japanese firms, we examine informational effects of the joint ownership of debt and equity by financial institutions. In particular, we argue that shareholdings by financial institutions are associated with increased monitoring and reduced information asymmetry. Our results support the hypothesis that stock prices incorporate information about future earnings earlier for firms with higher equity ownership by financial institutions. In a nutshell, shareholdings by financial institutions appear to be an important institutional factor in Japan to alleviate information asymmetry, thereby serving as a substitute for the market-based monitoring.
URI: http://hdl.handle.net/10397/16190
ISSN: 1387-2834
EISSN: 1573-6946
Appears in Collections:Journal/Magazine Article

Access
View full-text via PolyU eLinks SFX Query
Show full item record

SCOPUSTM   
Citations

1
Citations as of Apr 30, 2016

Page view(s)

41
Last Week
1
Last month
Checked on Aug 13, 2017

Google ScholarTM

Check



Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.