An Empirical Study on the Impact of Cross-Border M&As on Firm Value
| Project/Area Number |
25380388
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Money/ Finance
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| Research Institution | The University of Tokyo |
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Principal Investigator |
TAKEDA FUMIKO 東京大学, 工学(系)研究科(研究院), 准教授 (70347285)
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| Project Period (FY) |
2013-04-01 – 2016-03-31
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| Project Status |
Completed (Fiscal Year 2015)
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| 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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| Keywords | ファイナンス / Ｍ＆Ａ / イベント・スタディ / 企業統治 / 企業価値 / クロスボーダーＭ＆Ａ / 経営効率性 / 財務健全性 / コーポレートガバナンス / 多国籍企業 / 新興市場 |
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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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Report
(4 results)
Research Products
(14 results)
