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We examined investment behavior in the Japanese manufacturing ndustry using investment revision data to analyze investment behavior from a fresh angle. We tested the martingale investment hypothesis and then the q-theory of investment by looking at the response of stock return and investment to...
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The average nominal share prices of common stocks traded on the New York Stock Exchange have remained constant at approximately $35 per share since the Great Depression as a result of stock splits. It is surprising that U.S. firms actively maintained constant nominal prices for their shares...
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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, because the management will run the company better to maximize its …
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