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9 a.m. - 6 p.m.
Phone: (843) 887-3699
Folly Beach Library
9 a.m. - 5:30 p.m.
Phone: (843) 588-2001
Miss Jane's Building (Edisto Library Temporary Location)
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Main Library
9 a.m. - 8 p.m.
Phone: (843) 805-6930
West Ashley Library
9 a.m. - 7 p.m.
Phone: (843) 766-6635
John L. Dart Library
9 a.m. - 7 p.m.
Phone: (843) 722-7550
St. Paul's/Hollywood Library
9 a.m. - 8 p.m.
Phone: (843) 889-3300
Mt. Pleasant Library
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Edgar Allan Poe/Sullivan's Island Library
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John's Island Library
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Wando Mount Pleasant Library
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Does the Japanese Stock Market Price Bank-Risk? Evidence from Financial Firm Failures.
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- Author(s): BREWER, III, ELIJAH; GENAY, HESNA; HUNTER, WILLIAM CURT; KAUFMAN, GEORGE G.
- Source:
Journal of Money, Credit & Banking (Ohio State University Press); Aug2003, Vol. 35 Issue 4, p507-543, 37p- Subject Terms:
- Source:
- Additional Information
- Subject Terms:
- Abstract: The ability of the Japanese stock market to appropriately price the riskiness of Japanese financial firms has been frequently questioned, particularly in light of Japan's widespread financial distress in recent years and poor disclosure requirements. This paper examines the response in equity returns of Japanese banks to the failure of four commercial banks and two securities firms between 1995 and 1998. Using event study methodology, the analysis finds that share prices of surviving banks on the whole responded unfavorably to the failures and that financially weaker survivors were more adversely affected. This suggests that, despite the distress and alleged opaqueness, bank shareholders were able to use available indicators of financial condition both to incorporate new information quickly into stock prices and to differentiate among banks. [ABSTRACT FROM AUTHOR]
- Abstract: Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
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