- 著者
- KENJI TSUJI
- 出版者
- JAPANESE ECONOMIC ASSOCIATION
- 雑誌
- The Economic Studies Quarterly (ISSN:0557109X)
- 巻号頁・発行日
- vol.44, no.4, pp.361-373, 1993-12-20 (Released:2007-10-19)
- 参考文献数
- 14
This paper investigates whether there has been risk sharing between a main bank and borrowing companies in Japan. Horiuchi, et al. (1988) claim that systematic relationships indicating the existence of risk-sharing between them cannot be generally observed. However, contracts conditional on operating profits as in Horiuchi, et al. (1988) may not be feasible because of the moral hazard problem. As Christopher (1982) suggests, indexed contracts are one way to circumvent the moral hazard Here, an optimal indexed contract involving risk sharing is derived, and is shown to be consistent with the behavior of companies in the Japanese chemical industry.