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This paper empirically examines the impact of exiting the stock market on corporate innovation activities using Japanese going private type MBO data. Difference-in-differences analysis in regression framework is implemented on panel data consisting of firms that conducted public-to-private MBO...
Persistent link: https://www.econbiz.de/10013235467
This paper investigates relationships between two main corporate governance components namely the AntiTakeover Provisions (ATPs) as external component and Ownership Concentration as internal component and the short/long term performance of the Nikkei-listed Japanese cross-border acquirers during...
Persistent link: https://www.econbiz.de/10012963554
This paper examines the market's reaction to news of corporate mergers and acquisitions (M&A) by Japanese bidders during the 1990s. Domestic versus global bids and pro-M&A legislation are considered as determinants of bidders' abnormal returns. The results show that bidders for domestic targets...
Persistent link: https://www.econbiz.de/10013156625
Since the late 1990s, Japan has witnessed a substantial increase of partial mergers where two or more firms spin off whole operations in the same business and combine them into a joint venture (JV). This paper provides the first academic evidence on this phenomenon. I find that partial mergers...
Persistent link: https://www.econbiz.de/10013127410
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In this paper, we investigated the affect of tender offer transactions in Japan from four perspectives. The first one is in regards to the Pecking Order Theory, and the second one concerns the Method-of-Payment Hypothesis. Both of these first two perspectives are related to manager payment...
Persistent link: https://www.econbiz.de/10013137666
decision making authority in responding to hostile takeover attempts. The hostile takeover regime in Japan, which developed … analytical framework for business law development to explain the diversity in hostile takeover regimes in these three countries … illuminates the current state and future trajectory of hostile takeover regulation in the important emerging markets of China …
Persistent link: https://www.econbiz.de/10013139378
We analyze the characteristics of the firms that introduce anti-takeover provisions using a Japanese firm-level dataset …
Persistent link: https://www.econbiz.de/10013120812
This paper conjectures that when a bank's borrowing clients merge, the merger reduces the bank's risk. Because banks that reduce their risk can better comply with capital adequacy requirements and avoid hefty regulatory costs, this paper hypothesizes that banks benefit from client mergers. Using...
Persistent link: https://www.econbiz.de/10013085161