Inoue, Kotaro; Kato, Hideaki Kiyoshi; Schallheim, James - In: Hitotsubashi Journal of commerce and management 42 (2008) 1, pp. 67-85
During the internet bubble in the U.S., there were several instances that the market value of a parent firm was less than the market value of its holdings of a publicly traded subsidiary. This parent company puzzle is also observed in Japan. The objective of this paper is to investigate whether...