Using a large sample of Japanese firm level data, we find that Japanese banks act primarily in the short term interests of creditors when dealing with firms outside bank groups. Corporate control mechanisms other than bank oversight appear necessary in these firms. When dealing with firms in bank groups, banks may act in the broader interests of a range of stakeholders, including shareholders. However, our findings are also consistent with banks "propping up" troubled bank group firms. We conclude that bank oversight need not lead to value maximizing corporate governance.

No abstract

No abstract

No abstract

No abstract

No abstract

Abstract.We have performed large-scale two-dimensional hybrid simulations of reconnection in an asymmetric current sheet applicable to the magnetopause. The ions are treated as macroparticles, and the electrons are a massless chargeneutralizing fluid. We have recovered the essential features of the equivalent MHD simulations, that is, a moving and expanding bulge and a reconnection layer with a high-speed flow of magnetosheath ions on the magnetospheric side. The bulk speed of the magnetosheath ions is twice as high as the speed of the bulge; that is, highspeed flows are predicted on the magnetospheric side of the bulge. A quasi-steady reconnection layer develops behind the bulge in the reconnection outflow region. In the coplanar case the change of the magnetic field from the magnetosheath side to the magnetospheric side takes place at a discontinuity with an electron sense of rotation. This rotational sense is a consequence of the Hall effect near the reconnection line. Magnetosheath ions exhibit a higher perpendicular temperature on the downstream side of the discontinuity; the discontinuity is therefore most likely an intermediate shock (IS). The gradient scale length of the IS is of the order of a few magnetosheath ion inertial lengths. In the noncoplanar case (including a Bs interplanetary magnetic field (IMF) component) a rotational discontinuity occurs

No abstract