This study examines wealth effects of mergers and acquisitions in developing mergers and acquisitions market by using data of both domestic and cross-border acquisitions by Japanese firms. Although Japan had the second largest GDP in the world during the analyzed period, active market for...

This study empirically examines whether mergers and acquisitions (M&As) by Japanese firms have positive wealth effects for the shareholders of the acquiring firms. We tested stock price performance at both the time of the initial announcement and the post-announcement period for 658 domestic and...