兼松セミナー（現代会計学研究会共催）
Kanematsu Seminar　(Jointly supported by Study Group on Contemporary Accounting)

日時：
(Date&Time)		 2007年12月15日（土）午後１時半から （Saturday, December 15, 2007, 1:30pm〜）
報告者：
(Speaker)		 Ralf BEBENROTH
所属：
(Affiliation)		 神戸大学経済経営研究所　(RIEB, Kobe University)
論題：
(Topic)		 Performance of inbound M&A
日本におけるM&Aの業績
概要：
(Abstract)		 We test the long term performance for 60 inbound M&A cases to Japan. In contrast to the often times studied Japanese companies hitting other countries, we investigate Japanese targets which got acquired by non-Japanese companies.
For inbound M&A to Japan our main finding is that we do not receive sufficient support for better performing Japanese target companies after being acquired. None of our performance measures showed significance for a longer time span. However, in regard to restructuring, we demonstrate that target companies on average restructure themselves or get restructured already several years before the acquisition is taking place. This is in contrast to what is often criticized in the anecdotal literature, which states that Japanese M&A target companies (have to) downsize their employees shortly after the acquisition has taken place.
A third important finding is a strong downsizing effect on employees, stronger than the decrease of sales volume. That causes a more favorable sales per employee ratio.
会場：
(Place)		 神戸大学経済経営研究所　小会議室 （兼松記念館1階）
Small Meeting Room at RIEB (Kanematsu Memorial Hall 1st Floor)
対象：
(Intended Audience)		 教員、院生および同等の知識をお持ちの方
Faculty, Graduate Students and People with Equivalent Knowledge
使用言語：
(Language)		 日本語と英語
Japanese and English
備考：
(Note)

論文のコピーは研究助成室にご用意しております。
Copies of the paper are available at Research Assistant Room.