Understanding partial mergers in Japan

研究成果: Article査読

8 被引用数 (Scopus)

抄録

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 normally occur as a response to negative economic shocks by firms that are larger and more diversified than firms in total mergers. An event study identifies positive and significant returns to partial merger announcements. Unlike total mergers whose value accrues mostly to the shareholders of small (acquired) firms, large and small firms in partial mergers receive comparable returns, which are particularly large to firms forming an equally owned JV. This study also finds that partial mergers are often ex post transformed, with equity sale between partners being the main source of change.

本文言語English
ページ(範囲)2941-2953
ページ数13
ジャーナルJournal of Banking and Finance
34
12
DOI
出版ステータスPublished - 2010 12
外部発表はい

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学

フィンガープリント

「Understanding partial mergers in Japan」の研究トピックを掘り下げます。これらがまとまってユニークなフィンガープリントを構成します。

引用スタイル