| Budget Amount *help |
¥4,680,000 (Direct Cost: ¥3,600,000、Indirect Cost: ¥1,080,000)
Fiscal Year 2013: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2012: ¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000)
Fiscal Year 2011: ¥260,000 (Direct Cost: ¥200,000、Indirect Cost: ¥60,000)
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| Outline of Final Research Achievements |
Empirical researches were conducted using the sample of tender offer premiums of Japanese corporations for 1990's through 2013. The sample included 660 at the maximum. The research investigated the relationships between offer premiums and stock price momentums and between the apparent offer premiums, measured by the historic share prices of the target firms, and the intrinsic offer premium (real offer premium), measured by the intrinsic value of the target firms. The main findings are: the results based on the the sample of premium offers and of discount offers are quite different, amd the relationships between the stock price momentums and apparent offer premiums are significantly negative.
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