We investigate trades of wholly- or partially-owned subsidiaries between firms listed on the Tokyo Stock Exchange (TSE) for the years 1996–2010, to explore the economic impact in terms of strategic refocusing, stock market valuation and performance effects. By pairing both sides to each deal,...

This innovative and multidisciplinary book explores Japan’s economic crisis and recovery. Specifically, it analyses the role of corporations, the state, macroeconomic and industrial policy, and the changing status of Japan as an economic role model. The contributors list comprises an...

In the increasingly multilateral trade and policy environment of the twenty-first century, Japan faces several conflicting challenges. Internationally, Japan's trade prowess, increasing manufacturing presence around the world, and economic leadership in Asia have made the country an integral...

A major point of contention between Japan and its trading partners has long been the issue of market access and competition. For decades, foreign companies have complained about an "uneven" playing field and limited access to Japan's large, affluent market due to industrial policy, implemented...

As Japan moved into the twenty-first century, it found its position and options within the world economy and within Japan fundamentally changed. In contrast to most of the postwar era, which had been a period of growing opportunities, the 1990s and early twenty-first century were characterized...

Circumstances have changed dramatically between the early 1990s, when the world hailed Japan as one of its economic superpowers, and the early twenty-first century, as the country entered its second decade of economic stagnation. Domestically, Japan's industries have experienced major structural...

Between 1998--2006, Japan's political economy underwent a strategic inflection point, anchored on legal changes so profound that they are irreversible. These reforms sought to enable large companies to shift from the post-war priority on sales and market share toward a new focus on...

We investigate the economic role of trades in corporate subsidiaries in Japan between 1996 and 2010, in terms of valuation and performance effects. By pairing both sides to each deal, we show differences in firm characteristics, returns, and subsequent performance of buying and selling firms....