Kang, Jun-Koo; Shivdasani, Anil; Yamada, Takeshi - In: Journal of Finance 55 (2000) 5, pp. 2197-2218
We study 154 domestic mergers in Japan during 1977 to 1993. In contrast to U.S. evidence, mergers are viewed favorably by investors of acquiring firms. We document a two-day acquirer abnormal return of 1.2 percent and a mean cumulative abnormal return of 5.4 percent for the duration of the...
