%0 Journal Article %1 Khanna2005 %A Khanna, Tarun %A Yafeh, Yishay %D 2005 %J Journal of Business %K corea instituciones japon riesgo tailandia %N 1 %P 301-340 %T Business Groups and Risk Sharing around the World %V 78 %X We examine the hypothesis that business groups facilitate mutual insurance among affiliated firms and find substantial evidence of risk sharing by Japanese, Korean, and Thai groups but little evidence of it elsewhere. We also find no correlation between measures of capital market development and the nature of the legal system, on the one hand, and the extent of risk sharing provided by business groups, on the other. The popular view that risk sharing in business groups is important is not validated by our analysis; other reasons are more likely to explain the ubiquity of business groups around the world.

@article{Khanna2005, abstract = {We examine the hypothesis that business groups facilitate mutual insurance among affiliated firms and find substantial evidence of risk sharing by Japanese, Korean, and Thai groups but little evidence of it elsewhere. We also find no correlation between measures of capital market development and the nature of the legal system, on the one hand, and the extent of risk sharing provided by business groups, on the other. The popular view that risk sharing in business groups is important is not validated by our analysis; other reasons are more likely to explain the ubiquity of business groups around the world.}, added-at = {2011-11-13T04:52:20.000+0100}, author = {Khanna, Tarun and Yafeh, Yishay}, biburl = {https://www.bibsonomy.org/bibtex/23fa7e9c04883bc0f55d6eebd6ad21bcd/edwardyanquen}, interhash = {1575d0c799e2e8be38631cc49e0d6abc}, intrahash = {3fa7e9c04883bc0f55d6eebd6ad21bcd}, journal = {Journal of Business}, keywords = {corea instituciones japon riesgo tailandia}, note = {Keywords: Capital; Development; Firm; Firms; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 200506}, number = 1, pages = {301-340}, timestamp = {2011-11-13T04:52:21.000+0100}, title = {Business Groups and Risk Sharing around the World}, volume = 78, year = 2005 }