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Federal Reserve Bank of San Francisco
Pacific Basin Working Paper Series
Loans to Japanese borrowers
David C. Smith

Though the Japanese banking system has been the focus of numerous empirical studies, there is scant empirical evidence on the characteristics of loan contracts between Japanese firms and their banks. This paper incorporates relatively new contract-specific data on bank loans to large borrowers to help fill this gap. Specifically, we examine how loans to Japanese companies compare with loans to similar non-Japanese companies and how loans to Japanese borrowers vary according to the nationality of the bank making the loan. We then gauge the value of bank loans to Japanese borrowers by estimating abnormal stock price returns around the announcement of new bank loans.

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David C. Smith, Loans to Japanese borrowers, Federal Reserve Bank of San Francisco, Pacific Basin Working Paper Series 2002-11, 2002.
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