Rules on takeovers and takeover defenses in Japan
| Project/Area Number |
16530201
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Hirosaki University |
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Principal Investigator |
IIJIMA Hirotsugu Hirosaki University, Faculty of Humanities, Associate Professor, 人文学部, 助教授 (70303039)
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| Co-Investigator(Kenkyū-buntansha) |
IEDA Takashi Nagoya University of Commerce and Business Administration, Faculty of Management, Associate Professor, 総合経営学部, 助教授 (90319244)
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| Project Period (FY) |
2004 – 2005
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| Project Status |
Completed (Fiscal Year 2005)
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| Budget Amount *help |
¥1,600,000 (Direct Cost: ¥1,600,000)
Fiscal Year 2005: ¥700,000 (Direct Cost: ¥700,000)
Fiscal Year 2004: ¥900,000 (Direct Cost: ¥900,000)
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| Keywords | Takeover defenses / Poison pills / Proxy fights / Asymmetric information / Optimal design / 非対称情報 / 企業買収法制度 / 最適デザイン / 企業買収防衛策 / 取締役会 / 株主の非対称性 |
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| Research Abstract |
We investigate rules on takeover activities and takeover defenses in Japan from viewpoints of Law and Economics. Our main results are following two. The first is on takeover defenses using "poison pills" in Japan. Takashi Ieda shows that takeover defenses of this type can often be excessive defense considering Japanese law and economic system. This investigation includes both theoretical and case study, in particular takeover defenses of Nippon Broadcasting System
The second is on rules on takeover activity. Hirotsugu Iijima investigates desirable rules under asymmetric information, which is not considered in the previous literature. This study includes, for example, the Tender Offer Rule, the Mandatory Bid Rule, various rules on two tier offers.
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Report
(3 results)
Research Products
(4 results)
