Title
Abnormal returns of Japanese acquisition bidders-impact of pro-M&A legislation in the 1990s
Document Type
Article
Date of Original Version
6-1-2006
Abstract
This paper examines the market's reaction to news of corporate mergers and acquisitions (M&A) by Japanese bidders during the 1990s. Domestic versus global bids and pro-M&A legislation are considered as determinants of bidders' abnormal returns. The results show that bidders for domestic targets earn significant abnormal returns after the institutions of pro-M&A legislation in Japan. These findings help determine gains from trading strategies for M&A deals in Japan, and provide insight into the current M&A environment in Japan as shaped by pro-M&A legislation. © 2005 Elsevier B.V. All rights reserved.
Publication Title, e.g., Journal
Pacific Basin Finance Journal
Volume
14
Issue
3
Citation/Publisher Attribution
Higgins, Huong N., and Judy Beckman. "Abnormal returns of Japanese acquisition bidders-impact of pro-M&A legislation in the 1990s." Pacific Basin Finance Journal 14, 3 (2006): 250-268. doi: 10.1016/j.pacfin.2005.10.003.