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Takeover measures and ownership structure of target firms

Research Project

Project/Area Number 21530179
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field Economic theory
Research InstitutionKinki University

Principal Investigator

KOBAYASHI Mami  近畿大学, 経済学部, 准教授 (40411566)

Project Period (FY) 2009 – 2011
Project Status Completed (Fiscal Year 2011)
Budget Amount *help
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2011: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2010: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2009: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Keywordsミクロ経済学 / コーポレート・ファイナンス / 市場リスク / 金融機関 / レポ市場 / 流動性 / 有担保負債 / 資本構成 / 企業買収 / 株式保有割合 / 相対交渉 / 公開買付 / ブロック・プレミアム
Research Abstract

The first and main research shows that the size of a toehold which is accumulated by a potential acquirer of a target firm depends on the inside ownership concentration of the firm, a ratio of the value of synergy created by the merger to the destroyed value by the takeover defense, and the threshold of the size of a toehold which is specified under a disclosure rule. The results shed additional lights on the decisions of the acquirer on the size of a toehold and the allocation of control right of the target firm in equilibrium.
The second research analyzes the mechanism of which the market risk affects the investment decisions of a bank. Considering a bank which finances itself through a repo market, the research shows that the credit risk of the bank increases with the market risk. This research also shows the mechanism in which the bank terminates its investment in the midst of the investing project if the future liquidity in the market of the collateral asset is anticipated to be reduced by the bankruptcy of the bank.

Report

(4 results)
  • 2011 Annual Research Report   Final Research Report ( PDF )
  • 2010 Annual Research Report
  • 2009 Annual Research Report
  • Research Products

    (10 results)

All 2012 2011 2010

All Journal Article (4 results) Presentation (6 results)

  • [Journal Article] Financial Contagion through a Repo2012

    • Author(s)
      Mami Kobayashi
    • Journal Title

      近畿大学経済学部Working Paper Series

      Volume: No.E-23 Pages: 1-47

    • Related Report
      2011 Final Research Report
  • [Journal Article] Toehold Strategy in Negotiated Transfer of Corporate Control under a Disclosure Rule2012

    • Author(s)
      Mami Kobayashi
    • Journal Title

      近畿大学経済学部Working Paper Series

      Volume: No.E-20 Pages: 1-35

    • Related Report
      2011 Final Research Report
  • [Journal Article] Toehold Strategy in Negotiated Transfer of Corporate Control under a Disclosure Rule2012

    • Author(s)
      小林磨美
    • Journal Title

      近畿大学経済学部Working Paper Series

      Volume: E-20 Pages: 1-35

    • Related Report
      2011 Annual Research Report
  • [Journal Article] Financial Contagion through the Repo2012

    • Author(s)
      小林磨美
    • Journal Title

      近畿大学経済学部Working Paper Series

      Volume: E-23 Pages: 1-47

    • Related Report
      2011 Annual Research Report
  • [Presentation] Financial Contagion through a Repo2011

    • Organizer
      Monetary Economics Workshop
    • Place of Presentation
      大阪大学
    • Year and Date
      2011-12-24
    • Related Report
      2011 Final Research Report
  • [Presentation] Financial Contagion through the Repo2011

    • Author(s)
      小林磨美
    • Organizer
      Monetary Economics Workshop
    • Place of Presentation
      大阪大学
    • Year and Date
      2011-12-24
    • Related Report
      2011 Annual Research Report
  • [Presentation] Market Liquidity and the Capital Structure of Financial Institutions2010

    • Organizer
      Japan-Taiwan Contract Theory Conference
    • Place of Presentation
      政策研究大学院大学
    • Year and Date
      2010-12-04
    • Related Report
      2011 Final Research Report 2010 Annual Research Report
  • [Presentation] Toehold Strategy in Negotiated Transfer of Corporate Control under a Disclosure Rule2010

    • Organizer
      日本経済学会春季大会
    • Place of Presentation
      千葉大学
    • Year and Date
      2010-06-06
    • Related Report
      2011 Final Research Report 2010 Annual Research Report
  • [Presentation] Toehold Strategy in Negotiated Transfer of Corporate Control under a Disclosure Rule2010

    • Organizer
      JPIS Invitational Training Program for Advanced Japanese Research Institute Workshop
    • Place of Presentation
      一橋経済研究所
    • Year and Date
      2010-03-14
    • Related Report
      2011 Final Research Report
  • [Presentation] Toehold Strategy in Negotiated Transfer of Corporate Control under a Disclosure Rule2010

    • Author(s)
      小林磨美
    • Organizer
      JPIS Invitational Training Program for Advanced Japanese Research Institute Workshop
    • Place of Presentation
      一橋大学経済研究所
    • Year and Date
      2010-03-14
    • Related Report
      2009 Annual Research Report

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Published: 2009-04-01   Modified: 2016-04-21  

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