大阪大学　数理・データ科学教育研究センター
Center for Mathematical Modeling and Data Science,Osaka University

The effect of bank-firm relationships on sell-side analyst research: Evidence from financial deregulations in Japan

高橋秀朋　（法政大学）

1. ホーム
2. セミナー・集中講義
3. セミナー
4. The effect of bank-firm relationships on sell-side analyst research: Evidence from financial deregulations in Japan

大証寄附研究部門セミナーシリーズ 第26回

The effect of bank-firm relationships on sell-side analyst research: Evidence from financial deregulations in Japan

高橋秀朋　（法政大学）

In this paper, I evaluate the benefits and costs of universal banking from the perspective of outside investors by examining whether close ties between banks and borrowing firms improve quality of analysts’ earnings forecasts in the Japanese market. I find that the relationships lower earnings quality, which means that universal banking is not beneficial for outside investors. However, I also find empirical evidence that the problem attenuates if banks have strong bargaining powers over their client firms.