Spronk, Jaap; Mehrotra, Mehrotra, V.; van Schaik, van … - Erasmus Research Institute of Management (ERIM), … - 2008
The market for corporate control in the second largest economy in the world behaves very different from that in the U ….S. Using a sample of 91 mergers in the period 1982-2003 we document several distinctive features of this market in Japan. First …, we show that in stark contrast to the pro-cyclical U.S. merger waves, mergers in Japan tend to be counter-cyclical, both …