Firm Age and the Evolution of Borrowing Costs: Evidence from Japanese Small Firms

By Koji Sakai, Iichiro Uesugi, Tsutomu Watanabe. 2010

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A panel study of zombie SMEs in Japan: Identification, borrowing and investment behavior (2016, background): “Sakai et al. (2010) conclude that no unnatural selection or ever-greening occurs among SMEs because the expected borrowing cost of surviving firms falls below that of the exiting firms and the expected ROA of the surviving firms exceeds that of the exiting firms.”
Do banks price discriminate spatially? Evidence from small business lending in local credit markets (2013, unknown): “The result contrasts arguments advanced by Boot and Thakor (1994), Petersen and Rajan (1994), Berger and Udell (1995), Chakraborty and Hu (2006), Brick and Palia (2007) and Sakai et al. (2010).”
Breaking the Shackles: Zombie Firms, Weak Banks and Depressed Restructuring in Europe (2017, unknown): “5Note, however, that Schivardi et al. (2018) find that a bank recapitalization of 4 billion euros in 2012 (0.”