RIEB Seminar
| Date&Time | Tuesday, July 5, 2011, 2:00pm- |
|---|---|
| Place | Seminar Room at RIEB (Kanematsu Memorial Hall 1st Floor) |
| Intended Audience | Faculty, Graduate Students, Undergraduates, and Managers for Technology and Product Development at Manufacturers |
| Language | English |
| Note | Copies of the paper will be available at Office of Promoting Research Collaboration. |
2:00pm-
| Speaker | Nir KSHETRI |
|---|---|
| Affiliation | Bryan School of Business and Economics, University of North Carolina at Greensboro / RIEB, Kobe University |
| Speaker | Ralf BEBENROTH |
| Affiliation | RIEB, Kobe University |
| Topic | Performance of Japanese target firms acquired by Institutional Investors |
| Abstract | Acquisition of firms by institutional investors is a phenomenon that became increasingly common in the Japanese market before the global financial crisis started. In this paper, we investigate how the post-acquisition performance of target firms differs across domestic and foreign institutional investors. Also examined in the paper is whether post-acquisition performances of the targets differ for friendly and unfriendly attempts. Our results show that Japanese target firms that were acquired in an unfriendly attempt performed better right after the deal. Subsequently performances were significantly higher for target firms acquired by foreign institutional investors compared to domestic ones. Implications are discussed. |