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Revelation of Private Information about Unpaid Notes in the Trade Credit Bill System in Japan

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  • Matsumura, T.
  • Ryser, M.

Abstract

This article examines a unique Japanese extralegal enforcement system. We discuss how banks in Japan reveal private information about unpaid notes through a joint clearinghouse. We use a 2-period model with asymmetric information between insiders and outside investors, in which banks choose whether or not to reveal information about the unpaid notes of their clients. Banks are constrained in their choice by the institution of a clearinghouse, which assigns reporting duties and imposes penalties on banks that shirk. We demonstrate that full revelation will occur under one type of assignment of reporting duties, which has been adopted in Japan. Copyright 1995 by the University of Chicago.
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Suggested Citation

  • Matsumura, T. & Ryser, M., 1994. "Revelation of Private Information about Unpaid Notes in the Trade Credit Bill System in Japan," ISER Discussion Paper 0341, Institute of Social and Economic Research, Osaka University.
    • Handle: RePEc:dpr:wpaper:0341
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    Cited by:

    1. Ono, Masanori, 2001. "Determinants of Trade Credit in the Japanese Manufacturing Sector," Journal of the Japanese and International Economies, Elsevier, vol. 15(2), pages 160-177, June.
    2. TSURUTA Daisuke & Peng XU, 2007. "Debt Structure and Bankruptcy of Financially Distressed Small Businesses," Discussion papers 07032, Research Institute of Economy, Trade and Industry (RIETI).
    3. Daisuke Tsuruta, 2015. "Leverage and firm performance of small businesses: evidence from Japan," Small Business Economics, Springer, vol. 44(2), pages 385-410, February.
    4. Yoshiro Miwa & J. Mark Ramseyer, 2005. "Trade Credit, Bank Loans, and Monitoring: Evidence from Japan," CIRJE F-Series CIRJE-F-381, CIRJE, Faculty of Economics, University of Tokyo.
    5. Yu Guanghua, 2018. "Open Access in the Economic Sphere or the Political Sphere: Evidence from Japan," The Law and Development Review, De Gruyter, vol. 11(1), pages 173-208, January.

    More about this item

    Keywords

    information ; debts ; credit;
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