RIEBセミナー RIEB Seminar
日時 | 2011年7月5日(火)午後2時00分から |
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会場 | 神戸大学経済経営研究所 調査室(兼松記念館1階) |
対象 | 教員、院生、学部生、および製造企業などで技術・製品開発に関わりを持たれている方 |
使用言語 | 英語 |
備考 | 論文のコピーは共同研究推進室にご用意いたします。 |
2:00pm~
報告者 | Nir KSHETRI |
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所属 | ノースカロライナ大学グリーンズボロ校ブライアン・スクール・オブ・ビジネス・アンド・エコノミクス/神戸大学経済経営研究所 |
報告者 | Ralf BEBENROTH |
所属 | 神戸大学経済経営研究所 |
論題 | Performance of Japanese target firms acquired by Institutional Investors |
概要 | 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. |