The shielding effect of HTS power cable based on E-J power law

A method for analysing the current distribution in high-T/sub c/ superconducting (HTS) power cable is examined by the aid of the novel use of anisotropic conductivity and 3-D finite element method considering E-J power law characteristic. The detailed current distribution in the cable is illustrated and the shielding effect of HTS shield layer with intervals is also examined. It is shown that AC losses in shield layer with intervals are increased when the interval between wires becomes large

Termination of Bank-Firm Relationships

Using a matched sample of Japanese banks and firms, we examine what factors determine the termination of the bank-firm relationship. The constraints on bank capital in a Japanese banking crisis increased relationship terminations, implying the presence of a capital crunch in it. Moreover, the "flight-to-quality" behavior of bank prevailed instead of "evergreening" in relationship terminations. We also found that a longer duration of the relationship strongly decreased the probability of termination when Japan's banking system was stable. Such duration effects weakened when the system was fragile, however, the longer duration still had the intertemporal smoothing effects of loan prices

The Real Effects of Bank-Driven Termination of Relationships: Evidence from Loan-level Matched Data

We examine the effects of bank-driven terminations of bank-borrower relationships on the investments of borrowing firms by exploiting a matched dataset of Japanese banks and listed firms from 1991 to 2010. We find that while bank-driven terminations do not always affect investment, they do when the firms facing termination have difficulty in either establishing a new relationship or increasing borrowings within their existing relationship. Our findings coincide with the prediction of existing theoretical models whereby financial frictions in a matching process in credit markets play an important role in firm investment

The Real Effects of Bank-Driven Termination of Relationships: Evidence from Loan-level Matched Data

In this study we use a matched dataset of Japanese banks and firms to examine how bank-driven terminations of bank-borrower relationships affect the investments of the borrowers. We find that bank-driven terminations significantly decrease investment, exerting an effect that exceeds that due to credit reductions within continuing relationships. Our results also show that the unwanted effect of bank-driven terminations grows as the loan market deteriorates as a whole, which prevents firms from obtaining funding from other sources after their relationships with banks are terminated. Our findings coincide with previous literature emphasizing financial frictions in the matching process and the importance of relation-specific assets in credit markets

The Real Effects of Bank-Driven Termination of Relationships: Evidence from Loan-level Matched Data

In this study we use a matched dataset of Japanese banks and firms to examine how bank-driven terminations of bank-borrower relationships affect the investments of the borrowers. We find that bank-driven terminations significantly decrease investment, exerting an effect that exceeds that due to credit reductions within continuing relationships. Our results also show that the unwanted effect of bank-driven terminations grows as the loan market deteriorates as a whole, which prevents firms from obtaining funding from other sources after their relationships with banks are terminated. Our findings coincide with previous literature emphasizing financial frictions in the matching process and the importance of relation-specific assets in credit markets

The Time Has Come for Banks to Say Goodbye: New Evidence on Banks' Roles and Duration Effects in Relationship Terminations

Using a loan-level matched sample of Japanese banks and firms, we examine what factors determine the termination of the bank-firm relationship. We find that terminations are mainly driven by bank factors, but such bank-driven terminations increase when banks' capital conditions worsen. The constraints on bank capital in the Japanese banking crisis increased terminations, implying the presence of a capital crunch. Moreover, ``flight-to-quality" behavior prevailed instead of ``evergreening" in relationship terminations because of lowly capitalized banks' motives to reduce agency costs. We also find that a longer relationship duration decreased the probability of termination substantially when Japan's banking system was stable, but such duration effects weakened when the system was fragile. Japan's banking system cultivated bank-firm relationships over many decades to lower agency costs gradually, but this system malfunctioned partially in the flight to quality, whereby many banks could not afford to maintain relationships with distressed borrowers irrespective of duration

Termination of Bank-Firm Relationships

Using a matched sample of Japanese banks and firms, we examine what factors determine the termination of the bank-firm relationship. The constraints on bank capital in a Japanese banking crisis increased relationship terminations, implying the presence of a capital crunch in it. Moreover, the "flight-to-quality" behavior of bank prevailed instead of "evergreening" in relationship terminations. We also found that a longer duration of the relationship strongly decreased the probability of termination when Japan's banking system was stable. Such duration effects weakened when the system was fragile, however, the longer duration still had the intertemporal smoothing effects of loan prices