An Empirical Study on the Impact of Cross-Border M&As on Firm Value

2015 Fiscal Year Final Research Report

• Project/Area Number: 25380388
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Money/ Finance
• Research Institution: The University of Tokyo
• Principal Investigator: TAKEDA FUMIKO 東京大学, 工学(系)研究科(研究院), 准教授 (70347285)
• Project Period (FY): 2013-04-01 – 2016-03-31
• 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

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.

Free Research Field

ファイナンス