Abnormal returns of Japanese acquisition bidders¬タヤimpact of pro-M&A legislation in the 1990s
نویسندگان
چکیده
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. D 2005 Elsevier B.V. All rights reserved. JEL classification: G14; G18; G34; G38; M40
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