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|z 9781451850918
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Ohashi, Kazunari.
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|a Japan's Distressed-Debt Market /
|c Kazunari Ohashi, Manmohan Singh.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2004.
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|a 1 online resource (29 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Sizable risk capital from outside may be necessary to accelerate Japan's corporate restructuring to replace the stock of impaired bank loans. To attract risk capital, impaired loans must find market-clearing prices. However, the asymmetry in the bid-ask prices faced by banks and distressed-debt investors continues to stall efforts to create a liquid distressed-debt market. This paper asserts that the wedge between the prices faced by different participants is primarily a result of different valuation methods employed by banks and distressed-debt investors. On the one hand, banks do not recognize "maturity default" that results in banks rolling over impaired-loan accounts, effectively turning them into perpetual debt, which is expected to capture any upside potential for value. On the other hand, distressed-debt investors presently view their investments as equity stakes that require improved cash flows, unlike the buy-and-sell distressed-collateral market that existed in the mid-1990s. We suggest that bids from distressed-debt investors may not be as low as they are deemed by local banks and the asymmetry in prices may be reduced if banks value their claims as corporate equity.
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|a Mode of access: Internet
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|a Singh, Manmohan.
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|a IMF Working Papers; Working Paper ;
|v No. 2004/086
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2004/086/001.2004.issue-086-en.xml
|z IMF e-Library
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