Sources of Funds and Investment Activities of Venture Capital Funds: (2002)
Colin Mayer, Koen Schoors, Yishay Yafeh
Using a newly constructed data set, we compare sources of funds and investment activities of venture capital (VC) funds in Germany, Israel, Japan and the UK. Sources of VC funds differ significantly...
Essays on the evolution and behavior of the Japanese corporate groups / (2002)
Thesis (Ph. D.)--Harvard University, 1993.
Thesis (Ph. D.)--Harvard University, 1993.
Business Groups and Risk Sharing around the World
Researchers commonly assume that business groups, a ubiquitous organizational form in emerging markets, permit affiliated firms to share risk by smoothing income flows and by reallocating money from...
Emerging Market Spreads: Then Versus Now
Paolo Mauro, Yishay Yafeh, Nathan Sussman
This paper analyzes yield spreads on sovereign debt issued by emerging markets using modern data from the 1990s and newly-collected historical data on debt traded in London during 1870–1913, a...
Business Groups in Emerging Markets: Paragons or Parasites?
Diversified business (or corporate) groups, consisting of legally independent firms operating in multiple markets, are ubiquitous in emerging markets and even in some developed economies. The study...
Business Groups and Risk Sharing around the World
We use a new database from fifteen emerging markets as well as from prewar and modern Japan to examine the popular view that business groups – ubiquitous in most emerging markets – facilitate...
Japan's Banking Crisis: Who has the Most to Lose?
Hideaki Miyajima, Yishay Yafeh
Japan has experienced a deep and prolonged banking crisis in the 1990s. In this paper we attempt to identify the characteristics of companies which have the most to lose from the banks’ malaise....
Colin Mayer, Koen Schoors, Yishay Yafeh
Using a newly constructed data set, we compare sources of funds and investment strategies of venture capital (VC) funds in Germany, Israel, Japan and the UK. Sources of VC funds differ significantly...
Large Shareholders and Banks: Who Monitors and How?
Using a sample of Japanese firms in the chemical industry, we show that concentrated shareholding is associated with lower expenditure on activities with scope for managerial private benefits. We...
On constate aujourd'hui, et cela etait sans doute encore plus vrai dans le passe, que l'integration aux marches internationaux de capitaux et la capacite d'emprunt sont des determinants fondamentaux...
Institutional Reforms, Financial Development and Sovereign Debt: Britain 1690 1790
Sussman, Nathan, Yafeh, Yishay
We revisit the evidence on the relations between institutions, the cost of government debt, and financial development in Britain (1690 1790) and find that interest rates remained high and volatile...
Japan's Corporate Groups: Collusion or Competitive? An Empirical Investigation of Keiretsu Behavior.
Weinstein, David E, Yafeh, Yishay
This paper uses data on manufacturing firms listed on the Tokyo Stock Exchange to evaluate whether firms that are part of Japanese financial groups (keiretsu) behave differently from other Japanese...
David E. Weinstein, Yishay Yafeh
We examine the effects of bank-firm relationships on firm performance in Japan. When access to capital markets is limited, close bank-firm ties increase the availability of capital to borrowing...
Japan's Banking Crisis: Who Has the Most to Lose?
Miyajima, Hideaki, Yafeh, Yishay
Japan experienced a deep and prolonged banking crisis in the 1990s. In this Paper we attempt to identify the characteristics of companies which have the most to lose from the banks’ malaise. Using...
Business Groups in Emerging Markets: Paragons or Parasites?
Diversified business groups, consisting of legally independent firms operating across diverse industries, are ubiquitous in emerging markets. Groups around the world share certain attributes but also...
Bloodshed or Reforms? The Determinants of Sovereign Bond Spreads in 1870-1913 and Today
Mauro, Paolo, Sussman, Nathan, Yafeh, Yishay
Drawing on a newly-collected data set on bond yields, macroeconomic variables, and news of various categories for a panel of emerging markets, we provide the first comparative analysis of the...
Koen Schoors, Yishay Yafeh, Colin Mayer
Using a newly constructed data set, we compare sources of funds and investment strategies of venture capital (VC) funds in Germany, Israel, Japan and the UK. Sources of VC funds differ significantly...
Large Shareholders and Banks: Who Monitors and How?
We investigate the nature of monitoring by stake holders using data on Japanese manufacturing firms. Shareholders and bank-centred corporate groups monitor firms by reducing activities with scope for...
Conflict of Interest in Universal Banking: Bank Lending, Stock Underwriting, and Fund Management
Ber, Hedva, Yafeh, Yishay, Yosha, Oved
Using a newly-constructed data set on Israeli Initial Public Offering (IPO) firms in the 1990s, we study costs and benefits of universal banking. We find that a firm whose equity was underwritten by...
Mayer, Colin, Schoors, Koen, Yafeh, Yishay
Using a newly constructed data set, we compare sources of funds and investment activities of venture capital (VC) funds in Germany, Israel, Japan and the UK. Sources of VC funds differ significantly...
Constitutions and Commitment: Evidence on the Relation Between Institutions and the Cost of Capital
Sussman, Nathan, Yafeh, Yishay
This Paper challenges the North and Weingast (1989) view that institutional reforms and better protection of property rights lead to economic growth through a reduction in interest rates, and that a...
This Paper evaluates the ability of venture capital funds to identify and bring to market successful high-tech Israeli companies during the period 1991 to 2000. Using a newly constructed and highly...
"Institutions, Reforms, and Country Risk: Lessons from Japanese Government Debt in the Meiji Period"
We evaluate the effect of the establishment of modern state institutions (e.g. a central bank or a constitution) on the risk premium associated with government debt traded abroad. Drawing on evidence...
"Large Shareholders and Banks: Who Monitors and How"
Empirical studies of the role of large shareholders as monitors of firm management have focused on the relation between ownership structure and firm performance and have identified managerial...
Emerging Market Spreads: Then Versus Now
Paolo Mauro, Nathan Sussman, Yishay Yafeh
We analyze yield spreads on sovereign bonds issued by emerging markets, using modern data from the 1990s and newly collected historical data on bonds traded in London during 1870-1913, a previous era...
Japan's Banking Crisis: Who has the Most to Lose?
Hideaki Miyajima, Yishay Yafeh
Japan has experienced a deep and prolonged banking crisis in the 1990s. In this paper we attempt to identify the characteristics of companies which have the most to lose from the banks' malaise....
Corporate Governance in Japan: Past Performance and Future Prospects.
Much has been written about the Japanese "model" of corporate governance. Indeed, Japanese-style corporate governance has been described as an efficient alternative to corporate governance mechanisms...
Emerging Market Spreads: Then Versus Now
Paolo Mauro, Nathan Sussman, Yishay Yafeh
Emerging markets , Bonds ,
The Corporation of Foreign Bondholders
This paper analyzes the Corporation of Foreign Bondholders (CFB), an association of British investors holding bonds issued by foreign governments. The CFB played a key role during the heyday of...
An International Perspective of Japan's Corporate Groups and their Prospects
This paper reviews the literature on corporate groups in Japan and elsewhere, and offers a comparison of Japan's corporate groups with groups in other developed and developing countries. It then...
Colin Mayer, Koen Schoors, Yishay Yafeh
We compare sources of funds and investment activities of venture capital (VC) funds in Germany, Israel, Japan and the UK using a newly constructed data set. The data provide a rare opportunity to...
Business Groups and Risk Sharing around the World
We examine the hypothesis that business groups facilitate mutual insurance among affiliated firms and find substantial evidence of risk sharing by Japanese, Korean, and Thai groups but little...