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The Role of Bank-Affiliated Venture Capital for Parent Banks in Japan: New Evidence
Yue Sun,우치다 코나리 한국증권학회 2016 Asia-Pacific Journal of Financial Studies Vol.45 No.6
After controlling for the effect of parent banks’ (PBs) direct ownership, we find that investment by bank-affiliated venture capitals (BVCs) is positively associated with the probability that investee firms have loan balances with PBs in the year they issue an IPO. However, BVCs typically sell off their holdings of investee firms within 2 years after the IPO. Furthermore, the level of BVC ownership does not have explanatory power regarding whether investee firms have loans from PBs. On the contrary, PBs’ direct shareholdings have a positive association with the probability that investee firms have PB loans for many years after IPOs.