Constructing Pricing Model of Japanese Corporate Acquisitions Based on Acquisition Purposes

• Project/Area Number: 16K03877
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Management
• Research Institution: Tokiwa University
• Principal Investigator: Bundo Hiroyuki 常磐大学, 総合政策学部, 教授 (30337290)
• Project Period (FY): 2016-04-01 – 2023-03-31
• Project Status: Completed (Fiscal Year 2022)
• Budget Amount: ¥4,680,000 (Direct Cost: ¥3,600,000、Indirect Cost: ¥1,080,000); Fiscal Year 2019: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000); Fiscal Year 2018: ¥260,000 (Direct Cost: ¥200,000、Indirect Cost: ¥60,000); Fiscal Year 2017: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000); Fiscal Year 2016: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
• Keywords: M&A / プレミアム / TOB / 買収プレミアム / 経営戦略

Outline of Final Research Achievements

Levels of offer premiums are different between the three types of acquisition, strategic, financial, and MBOs. For strategic acquisitions of the middle range of offer premiums, target shareholding is positively related with offer premiums, and toehold shareholding and negotiated share are negatively related wiht offer premiums.
Mechanisms of offer premiums are different between their ranges. Especially, the relations of stock market misvaluation of target firms and offer premium are different between the offer premium ranges.

Academic Significance and Societal Importance of the Research Achievements

日本企業の買収プレミアムの決定要因について、買収目的および買収プレミアムレンジによって決定メカニズムが異なることが明らかとなった。これは、本事業が実施される以前の先行研究ではまったく存在していない学術的発見である。さらにこれらは、日本の上場企業の経営者およびステークホルダーの意思決定において重要な知見を提供することになるため、大きな社会的意義を有している。

Research Products

• [Journal Article] Offer Premiums and Stock Price Momentums in Japan: Contrasting Separate and Combined Momentum (2023)
  • Author(s): Hiroyuki Bundo
  • Journal Title: 常磐総合政策研究 Volume: 10・11 Pages: 1-37
  • Peer Reviewed
• [Journal Article] Relationship between Tender Offer Premium and Target Firm Misvaluation in Japan Using Samples from 2002 to 2013: a Segmented Approach Based on Premium Ranges (2021)
  • Author(s): BUNDO, Hiroyuki
  • Journal Title: 常磐総合政策研究 Volume: ７ Pages: 1-25
  • NAID: 40022734404
  • Peer Reviewed / Open Access
• [Journal Article] Factors Affecting Tender Offer Premiums in the Japanese Stock Market: a Segmented Approach Based on Premium Ranges (2020)
  • Author(s): BUNDO, Hiroyuki
  • Journal Title: 常磐総合政策研究（Tokiwa Management and Administration Studies） Volume: 5 Pages: 1-28
  • NAID: 40022733545
  • Peer Reviewed / Open Access
• [Journal Article] Offer Premiums and Other Features of Tender Offers in Japan, Using Samples from 2002 to 2013 (2019)
  • Author(s): BUNDO, Hiroyuki
  • Journal Title: 常磐総合政策研究（Tokiwa Management and Administration Studies） Volume: 3 Pages: 1-33
  • NAID: 40022277124
  • Peer Reviewed / Open Access
• [Journal Article] Relationship between Tender Offer Premium and Target Firm Misvaluation (2018)
  • Author(s): 文堂弘之
  • Journal Title: 経営論集（明治大学経営学研究所） Volume: 65(1) Pages: 161-182
  • NAID: 120006552099
• [Journal Article] Relationship between Tender Offer Premiums and Valuations of the Target Firm (2017)
  • Author(s): Hiroyuki Bundo
  • Journal Title: 常磐国際紀要 Volume: 21 Pages: 17-40
  • NAID: 40021209229
  • Peer Reviewed / Acknowledgement Compliant
• [Presentation] 日本企業の買収プレミアムの特徴と買収後価値 (2019)
  • Author(s): 文堂弘之
  • Organizer: 日本マネジメント学会
• [Presentation] TOBの買収プレミアムとターゲット企業の価値 (2016)
  • Author(s): 文堂弘之
  • Organizer: 証券経済学会創立50周年記念大会
  • Place of Presentation: 明治大学
  • Year and Date: 2016-09-19
• [Remarks] 常磐大学発行出版物
  • URL: https://www.tokiwa.ac.jp/tokiwa/publication/index.html