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The Decline in Bank-Led Corporate Restructuring in Japan: 1981-2010

Takeo Hoshi, Satoshi Koibuchi, Ulrike Schaede

NBER Working Paper No. 23715
Issued in August 2017

---- Acknowledgments ----

An earlier version of this paper was presented at the 26th TRIO Conference held at The University of Tokyo, June 22, 2017. We thank organizers Franklin Allen and Shin-ichi Fukuda, discussant Yoshiaki Ogura, and conference participants for valuable comments. We also thank Blake Ellison, Chihiro Fujimoto, Emi Fukuda, Kanako Hotta, Masafumi Iino, Akifumi Irie, Yutaka Ishida, Tomohiro Ito, Yuichiro Kawai, Yasuko Kohno, Yoshikazu Kuki, Jun Morikawa, Kuniaki Nemoto, Mitsuhiro Nishida, Yukiko Nomura, Masashi Osakada, Mary Shiratori, Christopher Syling, Kunio Takeda, Kunitaka Ueno, and Koki Yoshida for research assistance in various stages of constructing the dataset. Part of this research was funded by the Economic and Social Research Institute of the Cabinet Office of Japan. All remaining errors are ours. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Takeo Hoshi ----

Takeo Hoshi: Compensated Professional Activities, 2006-Present

Board of Directors

Union Bank, N.A., 2009-2014

Consulting

Mitsubishi UFJ Financial Group, April 2016 – March 2017

Federal Reserve Bank of San Francisco, January 2013-Present

Gerson Lehrman Group, August 2010-Present

Federal Reserve Bank of Cleveland, April 2008 and September 2010

Japan Society for the Promotion of Science, April 2008 - March 2009

Department of Economics, Osaka University, April 2007 - March 2008

Mosley and Gearinger, LLP, June-October, 2007

Commissioned Editorship

Elsevier Publishers Encyclopedia of Financial Globalization, 2009-2012

Sponsored Research

New Energy and Industrial Technology Development Organization, Japan, “Evaluating Economic Impacts of the New Energy Venture Business Technology Innovation Program”, April 2016 – March 2017

National Institute for Research Advancement, Japan, “Institutional Foundation for Innovation-Based Economic Growth”, September 2014 – August 2015

Sasakawa Peace Foundation, Japan, “New Channels Dialogue: Reinvigorating U.S.-Japan Relations”, April 2013 – March 2015

Nomura Foundation, Japan, “Can Abenomics Restore Japan’s Growth”, April 2013-March 2014

Prologis. “Outlook for the Logistics Industry in Japan” (with Ulrike Schaede), June-July 2012

National Institute for Research Advancement, Japan. “Policy Options for Japan’s Revival” (with Anil Kashyap), September 2011 - March 2012

International Monetary Fund. “Defying Gravity: How Long Will Japanese Government Bond Prices Remain High?” (with Takatoshi Ito), August 2011

National Institute for Research Advancement, Japan.  “Why Did Japan Stop Growing?” (with Anil Kashyap), December 2010

Economic and Social Research Institute, Japan. “Corporate Restructuring in Japan” (with Satoshi Koibuchi and Ulrike Schaede), January 2008 – December 2009

Japan Institute of Labour Policy and Training.  “Corporate Governance and Human Resource Management”, 2005-2011

Speeches and Presentations

Rebuild Japan Initiative Foundation, February 2017

Nihon Seisansei Honbu, July 2016

Kagawa Keizai Doyukai, September 2015

Chubu Keizai Doyukai, October 2014

Morgan Stanley, June 2014

Bank of Korea, June 2014

Kozo Keikaku Engineering, October 2013

Morgan Stanley, October 2013

Japan Center for Economic Research, June 2012

Avalon Capital Group, December 2010

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