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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.
ISSN: 1387-2834
EISSN: 1573-6946
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