We examine Steel Partner's investments and shareholder activism at three firms, United Industrial Corp (the Good), Ronson Corp (the Bad), and BKF Capital (the Ugly). The cases suggest the following points. For managers and boards wishing to maintain their independence the lesson is to dig in and...

This paper examines the new development of hostile takeovers and shareholder activism in Japan. The hostile bidders claim that the threat of takeover which they pose on the management of a poorly managed company is not only to their benefit, but also to that of the target company in general,...

Over the past 20 years, there have been several important changes in Japanese takeover regulations. The changes have resulted in shifts in the balance of power between potential bidders and target shareholders. The implementation and revision of mandatory tender offer rules provided more...

The issue of choice between specialization and diversification in corporate business activity has become the center of large body of corporate finance literature in recent years. U.S. empirical evidence on the effects of diversification after merger is mixed, suggesting that the diversification...

The choice between specialization and diversification in corporate business activity has become the center of large body of corporate finance literature in recent years. U.S. empirical evidence on the effects of diversification after merger is mixed, suggesting that the diversification benefits...

This research analyzes 262 cases of tender offer bid (TOB) in which the acquired companies were expected to remain listed after the deals, from among TOB deals conducted between 1990 and 2011, and estimates the value of private benefits of control in Japan based on the premiums paid relative to...

We analyze 377 takeovers that occurred in Japan between 2000 and 2007. Our focus is on the choice of payment method between cash and shares, the bidding premium, the market valuation of a bidder and a target, and the share price reaction. We relate the findings to the two complimentary theories...

The paper studies a natural experiment in responsible investment conducted by the Japanese Government Pension Investment Fund (GPIF), the largest public pension fund in the world. In 2018 GPIF gave its largest passive manager a remunerated mandate to improve the environmental (E), social (S) and...