The Acquirer and the Performance of Targets in Partial Acquisitions: Japanese Acquisitions in the US 1980-2000 - Couverture souple

Racic, Stanko

 
9783659303166: The Acquirer and the Performance of Targets in Partial Acquisitions: Japanese Acquisitions in the US 1980-2000
Couverture souple
ISBN 10 : 365930316X ISBN 13 : 9783659303166
Editeur : LAP Lambert Academic Publishing, 2013

Synopsis

Determinants of the value of acquired firms were further examined by analyzing the effect of corporate governance and other characteristics of Japanese and US acquirers on the long-term performance of their US targets during period when both US and Japanese economies experienced superior and poor performances. Bidder–target relationship in general and the role of unique Japanese characteristics (keiretsu, cross-holding, ties to a main bank, negligible shareholding, latitude and long-term focus of managers) were studied. The debate whether unique characteristics of the Japanese governance system make it more efficient than market based one in the US, or lead to greater agency problem, developed in the early 1990s following the slowdown in the US and boom in the Japanese economy. In this study better managed bidders, regardless of country of origin, with more resources were found to positively affect the performance of smaller targets in related industries. The mixed results for the Japanese governance variables, predicted positive for the main bank and unexpected negative for the keiretsu and cross-holding, do not allow a clear-cut answer as to which governance system is dominant.

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À propos de l?auteur

Stanko Racic, PhD: Katz Graduate School of Business at University of Pittsburgh. Associate Professor of Finance at Robert Morris University's School of Business. His work was presented and published in proceedings of numerous academic conferences and published in academic journals including Journal of Financial Economics.

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Éditeur
LAP Lambert Academic Publishing
Date d'édition
2013
Langue
anglais
ISBN 10 
365930316X
ISBN 13 
9783659303166
Reliure
Broché
Nombre de pages
136
Coordonnées du fabricant
non disponible
Personne responsable
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