Did the Japanese Stock Market Appropriately Price the Takenaka Financial Reform?

How Much Do Idiosyncratic Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data

“…For example, in the U.S., most major lenders are bank holding companies, which in 2010 jointly 22 As Amel et al (2004) show, the growth in merger activity in Japan's banking and insurance industry was quite similar to that in other industrial countries. The increase in concentration in Japanese finance between FY2000 and FY2010 was driven by deregulating laws related to the formation of holding companies in 1997 and, as Sakuragawa and Watanabe (2009) argue, the 2002 "Takenaka Plan," which forced more disclosure of nonperforming loans (resulting in mergers of weak institutions).…”

Is the Distance to Default a good measure in predicting bank failures? A case study of Japanese major banks

“…Hoshi and Ito (2004) review the evolution of the regulatory system in Japan from 1998 to 2004. Sakuragawa and Watanabe (2007) evaluate the Takenaka plan of 2002, which has been credited for revival of the Japanese banking sector after 2003. Brewer et al (2003) examined the stock market's response to failures of banks and securities firms by using the event study approach.…”

Did Mergers Help Japanese Mega-Banks Avoid Failure? Analysis of the Distance to Default of Banks

“…Hoshi and Ito (2004) review the evolution of the regulatory system in Japan from 1998 to 2004. Sakuragawa and Watanabe (2007) evaluated the Takenaka reform of 2002, which was usually credited for the revival of the Japanese banking sector after 2003.…”