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2014  Coercive Tender Offers in Japan  共同  2014/09/05 
The 22nd Annual Conference on Pacific Basin Finance, Economics, Accounting and Management  , Pacific Basin Finance, Economics, Accounting and Management Association   

概要(Abstract) This is an empirical investigation of the degree to which legal rules impact the welfare of minority shareholders in acquisitions. While an efficient market for corporate control is vital for an economy’s growth and development, insufficient legal standards permit coercive takeovers that have negative implications for capital markets. This research focuses on tender offers in Japan, which provides the ideal conditions to examine the link between takeovers and coercion. Japan’s legal system changed in 2006 to introduce cash mergers to freeze-out remaining shareholders after successful takeovers, and in 2007 to require bidders making tender offers that seek more than two-thirds of the voting securities of a target to offer to buy the remaining securities. However, acquirers with the stated aim of securing less than two-thirds of voting securities have no such obligation. We find evidence that these acquirers tend to make coercive two-tier offers that expropriate the interests of minority shareowners. Our results show that avoiding coercive takeovers requires that laws force acquirers to provide full information concerning the clean-up merger conditions as well as to pay an equivalent amount in the clean-up to minority shareowners as was offered in the initial tender offer. These conclusions have relevance for all countries that have not fully considered the appropriate level of protection for minority shareholders. 

備考(Remarks) This conference was hosted by Aichi University. 

2014  Uncertainty Avoiding Behavior and Cross-border Acquisitions  共同  2014/06/26 
Asian Finance Association Conference  , Asian Finance Association   

概要(Abstract) The influence of managerial attitudes on corporate finance has become a topic of great interest. This research explores the impact of national business culture on cross-border acquisitions. Business culture can influence the ways managers cope with uncertainty, and their subsequent business decisions, as was described in seminal research by Hofstede (1991). By their very nature, cross-border acquisitions require that managers deal with different cultures and higher levels of uncertainty. We seek to understand how business culture affects value in cross-border acquisitions using data from the Asia-Pacific Rim region over the period between 2000 and 2009. The countries of this region have large cultural differences and the potential gains from acquisitions are very substantial, so these data are an excellent population for analysis. Our results show that different business cultures have an important influence on financial decisions by firms in ways consistent with classic research by Knight (2006), and also that different business cultures cope with uncertainty in different ways. We find that acquirers from countries with a high aversion to uncertainty conduct fewer cross-border acquisitions.  

備考(Remarks) This conference took place in Bali. 

2014  The Price of Control in the East Asia and Pac-Rim Regions: Law, Culture and Markets  未設定  2014/05/10 
Financial Management Association Asian Meeting  , Financial Management Association   

概要(Abstract) The influence of managerial attitudes on corporate finance has become a topic of great interest. For example, Malmendier and Tate (2008) show that overconfident managers are more likely to conduct acquisitions. This research explores the impact of national business culture on cross-border acquisitions. Business culture can influence the ways managers cope with uncertainty, and their subsequent business decisions, as was described in seminal research by Hofstede (1991). By their very nature, cross-border acquisitions require that managers deal with different cultures and higher levels of uncertainty. We seek to understand how business culture affects value in cross-border acquisitions using data from the Asia-Pacific Rim region over the period between 2000 and 2009. The countries of this region have large cultural differences and the potential gains from acquisitions are very substantial, so these data are an excellent population for analysis. Our results show that different business cultures have an important influence on financial decisions by firms in ways consistent with classic research by Knight (2006), and also that different business cultures cope with uncertainty in different ways. We find that acquirers from countries with a high aversion to uncertainty conduct fewer cross-border acquisitions. Further, these high uncertainty aversion firms pay a higher price for control in cross-border deals. 

備考(Remarks) This conference took place in Tokyo and was hosted by Hitotsubashi Graduate School of International Corporate Strategy 

2013  The Next Finance Crisis: Vietnam Banks  共同  2013/11/16 
Yokohama National University/Nanzan University Finance Workshop  , Yokohama University   

概要(Abstract) See the entry for Nanzan Management Review 

備考(Remarks)  

2011  The International Financial Crisis of 2007-2009  共同  2011/11/19 
Nagoya Chapter of the Fulbright/East West Center  , Chubu Fulbright Alumni Association   

概要(Abstract) The American subprime loan crisis ignited the world’s worst financial crisis since the Great Depression of the 1930s. More than 20% of American home loans are in serious trouble and 140 U.S. banks failed in 2009. What at first seemed to be a conventional real estate bubble and bank crisis largely confined to the United States spread around the world to have a devastating impact on people and businesses with little apparent connection to the American economy. The current market prices of homes are significantly lower in many countries. Unemployment is close than 10 percent in many parts of the world. Corporate profits and stock prices are far lower too. Even the mightiest of Japan’s companies, Toyota Motor Corporation, reported the largest deficit in its history. The crisis, while similar to many of the financial panics that have troubled the world in the past, is closely related to the development of “structured finance”. Structured finance means that the cash flows from one kind of security (for example, a home loan) are separated and re-combined to create new securities. Structured finance is one of the most important innovations of the last thirty years. It has grown a great deal. By one measure, structured financial products of about $100 billion were created in first three months of 2007. Much of this was for American home loans. Yet, the market for structured financial products collapsed as the crisis exploded to be only $5 billion in the April to June period of 2008. This paper describes the crisis and how structured finance made the crisis far worse.  

備考(Remarks)  

2011  Finance in Japan  共同  2011/09/10 
Second Workshop on Finance and Accounting Research in the Asian Pacific Region  , Nagoya City University and Nagoya University   

概要(Abstract) This is an empirical investigation of the stock repurchase behavior of Nikkei 225 companies from 1995 to 2007. Companies repurchase their stock to return excess cash to investors, resolve governance issues, adjust capital structure and send signals. This paper uses a panel data methodology with accounting and market information to explain this behavior. Contrary to recent research on American firms, we find that replacement of dividends does not appear to explain stock repurchase behavior in Japan. We find strong evidence that repurchase behavior in Japan is linked to the adjustment of firms to their desired degree of leverage.  

備考(Remarks)  

2011  Finance and Markets in Japan  共同  2011/06/25 
Academy of International Business Conference  , Academy of International Business   

概要(Abstract) This is an empirical investigation of the stock repurchase behavior of Nikkei 225 companies from 1995 to 2007. Companies repurchase their stock to return excess cash to investors, resolve governance issues, adjust capital structure and send signals. This paper uses a panel data methodology with accounting and market information to explain this behavior. Contrary to recent research on American firms, we find that replacement of dividends does not appear to explain stock repurchase behavior in Japan. We find strong evidence that repurchase behavior in Japan is linked to the adjustment of firms to their desired degree of leverage.  

備考(Remarks)  

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