Indirect shareholding within Japan's business groups

David Flath
A new measure of indirect shareholding is proposed and estimated for Japan's six major keiretsu groups. For these groups indirect shareholding by each firm in each other firm is about one fourth as great as direct shareholding on average. Where there are gains to firms from holding stock in other firms, there are also gains from indirect stockholding. Alignment of the firms into groups maximizes indirect shareholding.
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