A study on the peculiar role of activist funds in corporate governance and corporate control transactions

• Project/Area Number: 21730069
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Single-year Grants
• Research Field: Civil law
• Research Institution: Nanzan University
• Principal Investigator: TAMAI Toshiyuki 南山大学, 法学部, 准教授 (90377052)
• Project Period (FY): 2009 – 2011
• Project Status: Completed (Fiscal Year 2011)
• Budget Amount: ¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000); Fiscal Year 2011: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000); Fiscal Year 2010: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000); Fiscal Year 2009: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
• Keywords: 会社法 / M & A / ファンド / コーポレート・ガバナンス / 買収ファンド / アクティビスト / M&A / MBO / 投資ファンド / コーポレートガバナンス

Research Abstract

Buyout funds in Japan actively invest in target corporations in MBO transactions recently and they are essential players in these conflict transactions. By reviewing the merits of the conflict transactions, courts discern desirable MBOs from undesirable ones. Japanese Corporate Law has heavily relied on ex post judicial review in regulating target directors and controlling shareholders in these conflict transactions. Because of the doctrinal and institutional deficiencies in Japanese Corporate Law the judicial screening function does not work well. The functional equivalents of the U. S. fiduciary duties of directors and controlling shareholders to minority shareholders and the equitable remedies should be introduced to Japanese Corporate Law.

Research Products

• [Journal Article] MBOにおける取締役の株主に対する義務 (2012)
  • Author(s): 玉井利幸
  • Journal Title: ジュリスト Volume: 1440号 Pages: 96-97
• [Journal Article] MBOにおける取締役の「株主の共同利益に配慮する義務」の検討 (2012)
  • Author(s): 玉井利幸
  • Journal Title: 南山法学 Volume: 35巻3・4号 Pages: 111-134
• [Journal Article] 全部取得条項付種類株式を用いた少数株主の締出の効力を争う訴訟-公正な価格と株主平等の原則- (2011)
  • Author(s): 玉井利幸
  • Journal Title: 南山法学 Volume: 34巻3・4号 Pages: 87-124
  • NAID: 120006491147
• [Journal Article] 全部取得条項付種類株式を用いた少数株主の締出の効力を争う訴訟 (2011)
  • Author(s): 玉井利幸
  • Journal Title: 南山法学 Volume: 34巻3・4号 Pages: 89-124
• [Journal Article] MBOにおける裁判所の役割 (2010)
  • Author(s): 玉井利幸
  • Journal Title: 南山法学 Volume: 33巻3・4号 Pages: 311-343
  • NAID: 120006495504
• [Journal Article] MBOにおける裁判所の役割 (2010)
  • Author(s): 玉井利幸
  • Journal Title: 南山法学 33巻3・4号 Pages: 329-361
  • NAID: 120006495504
• [Journal Article] M & A取引契約と取引保護条項 (2009)
  • Author(s): 玉井利幸
  • Journal Title: 私法 Volume: 71号 Pages: 267-272
  • NAID: 130004669695
• [Journal Article] M&A取引契約と取引保護条項 (2009)
  • Author(s): 玉井利幸
  • Journal Title: 私法 71号 Pages: 267-272
  • NAID: 130004669695