THE PERFORMANCE OF CORPORATE MERGERS IN JAPAN

Yasuo Hoshino

36 citations0/0 files storedJournal of Business Finance &amp Accounting

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Corporate Finance and Governance Financial Markets and Investment Strategies Merger and Competition Analysis

Abstract

This paper presents an objective and systematic analysis of the performance of corporate mergers in Japan. Two types of tests are provided. One is to compare fmancial ratios of merging firms before and after the merger. Negative effects of mergers are verified. The other is to compare the financial performances of merging and nonmerging firms before and after the merger in the same industry. No clear distinction is obtained between them. General comparisons between merging and nonmerging fms indicate negative effects of mergers.

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1960Business Behavior, Value and Growth.1969A Theory of Conglomerate Mergers 1977Disappointing Marriage: A Study of the Gains from Merger 1971TESTS OF THE EFFICIENCY PERFORMANCE OF CONGLOMERATE FIRMS 1981Mergers and Economic Performance.1970The Profitability of Corporate Mergers 1972Take-Overs: Their Relevance to the Stock Market and the Theory of the Firm.1972Conglomerate Performance Using the Capital Asset Pricing Model

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2001Productivity and operating performance of Japanese merging firms : keiretsu-related and independent mergers

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