International Transmission of the 2007-2009 Financial Crisis: Evidence from Japan

Autor:	Kotaro Tsuru, Miho Takizawa, Kaoru Hosono
Rok vydání:	2016
Předmět:	Economics and Econometrics 050208 finance Return on assets 0502 economics and business 05 social sciences Financial crisis Economics Credit crunch Financial system 050207 economics Stock (geology) Market liquidity Trade finance
Zdroj:	The Japanese Economic Review. 67:295-328
ISSN:	1352-4739
DOI:	10.1111/jere.12092
Popis:	We investigate the international transmission of the 2007–2009 financial crisis to Japanese firms by examining both stock returns and changes in operating performance during the crisis. Our results indicate that Japanese firms were affected by the crisis mainly through the trade channel in both stock returns and changes in operating performance. We also find that the liquidity channel played a role in the fall of stock returns in response to the crisis and in the changes in return on assets during the first year of the crisis. We obtain weak evidence for the credit crunch channel and no evidence to support the trade finance channel.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::d6a2b8d40bf6c5968dba872e500d8350 https://doi.org/10.1111/jere.12092 Zobrazit plný text záznamu Full text from SpringerLink Plný text