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Bond Underwriting Fees and Keiretsu Affiliation in JapanAbe De JongErasmus University - Rotterdam School of Management Peter RoosenboomRotterdam School of Management, Erasmus University; Erasmus Research Institute of Management (ERIM) Willem SchramadeErasmus University, School of Economics; Robeco Pacific-Basin Finance Journal, Forthcoming ERIM Report Series Reference No. ERS 2005 038 F&A Abstract: We examine fees on bonds issued by Japanese corporations during the 1994-2002 period. Over time, we find that fees have increased for those firms that are related to bank-led (financial) keiretsu, even after controlling for risk factors. During the same period, fees have fallen for firms not belonging to keiretsu. The higher fees for keiretsu firms were not offset by lower yields. It seems that, against the background of bond market deregulation and weaker banks, keiretsu membership has become a burden rather than an advantage.
Number of Pages in PDF File: 48 Keywords: Fees, bonds, keiretsu, corporate groups, banks JEL Classification: G20, G21, G24, G30 Accepted Paper SeriesDate posted: April 4, 2006Suggested CitationContact Information
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