Yasuhiro, ARIKAWA; Hideaki, MIYAJIMA - Research Institute of Economy, Trade and Industry (RIETI) - 2007
In this paper, we examine the causes of the first merger boom since the late 1990s in Japan. Using industry-level data, we show that mergers and acquisitions (M&As) are driven mainly by economic shocks. While industries with higher growth opportunities are likely to have more M&A activity,...