Cross-Border M&As and firm value: A comparison of china- and US-Japan M&As

Keisuke Chikamoto, Fumiko Takeda, Ai Yokoyama

研究成果: Article査読

2 被引用数 (Scopus)

抄録

We examine the effect of M&As conducted by U.S. and Chinese bidders (US-Japan and China-Japan M&As) on the stock prices of Japanese targets. We find that both types of M&As tend to increase the stock prices of the Japanese targets and that market reactions are significantly greater for US-Japan M&As than for China-Japan M&As. Additionally, capital participation produces greater market reactions to China-Japan M&As than other structures, while acquisition produces this effect in US-Japan M&As. Our results are consistent with previous research indicating that market reactions increase for bidders operating in a developed country with high-quality institutions and corporate governance.

本文言語English
ページ(範囲)352-368
ページ数17
ジャーナルContemporary Economic Policy
34
2
DOI
出版ステータスPublished - 2016 4月 1
外部発表はい

ASJC Scopus subject areas

  • ビジネス、管理および会計(全般)
  • 経済学、計量経済学
  • 行政

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