| Budget Amount *help |
¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000)
Fiscal Year 2015: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2014: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2013: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
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| Outline of Final Research Achievements |
We examine the effect of M&As conducted by US and Chinese bidders (US-Japan and China-Japan M&As) on the stock prices of Japanese targets. We find that both types of M&As tend to increase the stock prices of the Japanese targets and that market reactions are significantly greater for US-Japan M&As than for China-Japan M&As. Additionally, capital participation produces greater market reactions to China-Japan M&As than other structures, while acquisition produces this effect in US-Japan M&As. Our results are consistent with previous research indicating that market reactions increase for bidders operating in a developed country with high-quality institutions and corporate governance.
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