scispace - formally typeset
Search or ask a question
Author

Nobuyoshi Yamori

Bio: Nobuyoshi Yamori is an academic researcher from Kobe University. The author has contributed to research in topics: Financial services & Loan. The author has an hindex of 20, co-authored 118 publications receiving 1637 citations. Previous affiliations of Nobuyoshi Yamori include Nagoya University & Himeji Dokkyo University.


Papers
More filters
Journal ArticleDOI
TL;DR: The authors found empirical evidence that loan officer activities are associated with bank production of soft information, and they also found that loan officers at small banks produce more soft information than at large banks, but large banks appear to have the equivalent potential to underwrite relationship loans.

257 citations

Journal ArticleDOI
TL;DR: In this article, the authors examined what factors affect the location choice of Japanese multinational financial institutions and found that Japanese financial institutions choose their locations at least partially based on the local banking opportunity in the host countries.
Abstract: There are many studies investigating the location choice of foreign direct investment (FDI) of US banks. Nigh et al. (Journal of International Business Studies 17 (1986) 59–72) find that the choice does not depend on local banking opportunity. This paper examines what factors affect the location choice of Japanese multinational financial institutions. Our results are consistent with previous studies analyzing US banks in that the FDI of the manufacturing industry is an important determinant of the location choice of Japanese financial institutions. However, our results differ from Nigh et al., in that Japanese financial institutions choose their locations at least partially based on the local banking opportunity in the host countries.

196 citations

Posted Content
TL;DR: This article investigated the determinants of disclosure by Japanese Shinkin banks in 1996 and 1997 and found that banks with more serious bad loan problems, more leverage, less competitive pressure, and smaller banks were less likely to choose to voluntarily disclose.
Abstract: Disclosure is widely regarded as a necessary condition for market discipline in a modern financial sector. However, the determinants of disclosure decisions are still unknown, particularly among banks. This paper investigates the determinants of disclosure by Japanese Shinkin banks in 1996 and 1997. This period is unique because disclosure of non-performing loans was voluntary for Shinkin banks at this time. We find that banks with more serious bad loan problems, more leverage, less competitive pressure, and smaller banks were less likely to choose to voluntarily disclose. These results suggest that there may be a role for compulsory disclosure, as weak banks appear to disproportionately avoid voluntary disclosure.

92 citations

Journal ArticleDOI
TL;DR: In this article, the demand for general insurance of non-financial corporations by using data on Japanese corporations was investigated, and it was shown that size, leverage, and regiulation are important factors in determining insurance purchases by large Japanese firms, whereas ownership structure and tax consideration are not.
Abstract: Although numerous theoretical articles investigate factors affecting corporate demand for insurance, empirical tests of the theories are very limited. This article is one of the first attempts to empirically investigate the demand for general insurance of non-financial corporations by using data on Japanese corporations. Regarding insurance demand of Japanese corporations, size, leverage, and regiulation are important factors in determining insurance purchases by large Japanese firms, whereas ownership structure and tax consideration are not.

78 citations

Journal ArticleDOI
TL;DR: In this article, the effect of the Hokkaido Takusyoku Bank's failure on stock returns of its client firms was investigated by investigating the impact of private information leakage.

66 citations


Cited by
More filters
Book
01 Jan 2002
TL;DR: In the United States and the United Kingdom competitive markets dominate the financial landscape, whereas in France, Germany, and Japan banks have traditionally played the most important role as discussed by the authors. But the form of these financial systems varies widely.
Abstract: Financial systems are crucial to the allocation of resources in a modern economy. They channel household savings to the corporate sector and allocate investment funds among firms; they allow intertemporal smoothing of consumption by households and expenditures by firms; and they enable households and firms to share risks. These functions are common to the financial systems of most developed economies. Yet the form of these financial systems varies widely. In the United States and the United Kingdom competitive markets dominate the financial landscape, whereas in France, Germany, and Japan banks have traditionally played the most important role. Why do different countries have such different financial systems? Is one system better than all the others? Do different systems merely represent alternative ways of satisfying similar needs? Is the current trend toward market-based systems desirable? Franklin Allen and Douglas Gale argue that the view that market-based systems are best is simplistic. A more nuanced approach is necessary. For example, financial markets may be bad for risk sharing; competition in banking may be inefficient; financial crises can be good as well as bad; and separation of ownership and control can be optimal. Financial institutions are not simply veils, disguising the allocation mechanism without affecting it, but are crucial to overcoming market imperfections. An optimal financial system relies on both financial markets and financial intermediaries.

1,132 citations

Posted Content
TL;DR: In this paper, the authors take a closer look at firm financing patterns and growth using a database of 2,400 Chinese firms and find that a relatively small percentage of firms in the sample utilize formal bank finance with a much greater reliance on informal sources.
Abstract: China is often mentioned as a counter-example to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is one of the fastest growing economies in the world. The fast growth of Chinese private sector firms is taken as evidence that it is alternative financing and governance mechanisms that support China's growth. This paper takes a closer look at firm financing patterns and growth using a database of 2,400 Chinese firms. The authors find that a relatively small percentage of firms in the sample utilize formal bank finance with a much greater reliance on informal sources. However, the results suggest that despite its weaknesses, financing from the formal financial system is associated with faster firm growth, whereas fund raising from alternative channels is not. Using a selection model, the authors find no evidence that these results arise because of the selection of firms that have access to the formal financial system. Although firms report bank corruption, there is no evidence that it significantly affects the allocation of credit or the performance of firms that receive the credit. The findings suggest that the role of reputation and relationship based financing and governance mechanisms in financing the fastest growing firms in China is likely to be overestimated.

697 citations

Journal ArticleDOI
TL;DR: In this article, the authors take a closer look at firm financing patterns and growth using a database of 2,400 Chinese firms and find that a relatively small percentage of firms in the sample utilize formal bank finance with a much greater reliance on informal sources.
Abstract: China is often mentioned as a counterexample to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is one of the fastest growing economies in the world. The fast growth of Chinese private sector firms is taken as evidence that it is alternative financing and governance mechanisms that support China's growth. This paper takes a closer look at firm financing patterns and growth using a database of 2,400 Chinese firms. The authors find that a relatively small percentage of firms in the sample utilize formal bank finance with a much greater reliance on informal sources. However, the results suggest that despite its weaknesses, financing from the formal financial system is associated with faster firm growth, whereas fund raising from alternative channels is not. Using a selection model, the authors find no evidence that these results arise because of the selection of firms that have access to the formal financial system. Although firms report bank corruption, there is no evidence that it significantly affects the allocation of credit or the performance of firms that receive the credit. The findings suggest that the role of reputation and relationship based financing and governance mechanisms in financing the fastest growing firms in China is likely to be overestimated.

574 citations

Posted Content
TL;DR: This paper performed an empirical investigation of the macroeconomic consequences of international terrorism and interactions with alternative forms of collective violence and found that on average, the incidence of terrorism may have an economically significant negative effect on growth, albeit one that is considerably smaller and less persistent than that associated with either external wars or internal conflict.
Abstract: We perform an empirical investigation of the macroeconomic consequences of international terrorism and interactions with alternative forms of collective violence. Our analysis is based on a rich unbalanced panel data set with annual observations on 177 countries from 1968 to 2000, which brings together information from the Penn World Table dataset, the ITERATE dataset for terrorist events, and datasets of external and internal conflict. We explore these data with cross-sectional and panel growth regression analysis and a structural VAR model. We find that, on average, the incidence of terrorism may have an economically significant negative effect on growth, albeit one that is considerably smaller and less persistent than that associated with either external wars or internal conflict. As well, terrorism is associated with a redirection of economic activity away from investment spending and towards government spending. However, our investigation also suggests important differences both regarding the incidence and the economic consequences of terrorism among different sets of countries. In OECD economies, in particular, terrorist incidents are considerably more frequent than in other nations, but the negative influence of these incidents on growth is smaller.

523 citations

Posted Content
TL;DR: The authors of the World Development Report 2002: Institutions for Markets summarized current knowledge on these issues and put forth an agenda for further study of the effects of foreign bank entry in developing countries as discussed by the authors.
Abstract: Foreign banks are playing an increasingly large role in many developing countries, holding more than 50 percent of banking assets in several of these countries. But important issues about foreign bank entry continue to be debated. In recent years foreign bank participation has increased tremendously in several developing countries. In Argentina, Chile, the Czech Republic, Hungary, and Poland, for example, more than 50 percent of banking assets are now in foreign-controlled banks. In Asia, Africa, the Middle East, and the former Soviet Union the rate of entry by foreign banks has been slower, but the trend is similar. Although the number of countries welcoming foreign banks is growing, many questions about foreign bank entry are still being debated, including: • What draws foreign banks to a country? • Which banks expand abroad? • What do foreign banks do once they arrive? • How does the mode of a bank's entry - for example, as a branch of its parent or as an independent subsidiary company - affect its behavior? Clarke and his coauthors summarize current knowledge on these issues. In addition, since the existing literature focuses heavily on industrial countries, they put forth an agenda for further study of the effects of foreign bank entry in developing countries. This paper - a product of the Office of the Senior Vice President, Development Economics - is a background paper for World Development Report 2002: Institutions for Markets. The authors may be contacted at gclarke@worldbank.org, rcull@worldbank.org, mmartinezperia@worldbank.org, or ssanchez@worldbank.org.

425 citations