The Effect of Bank Relations on Investment Decisions : An Investigation of Japanese Takeover Bids  

Oleh:

Yamada, Takeshi ; Shivdasani, Anil ; Jun-Koo Kang

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 55 no. 5 (2000), page 2197-2218.
Topik: investment; studies; investment policy; rates of return; professional relationships; banks; regression analysis; bidders
Fulltext: p 2197.pdf (103.01KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.3 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We study 154 domestic mergers in japan during 1977 to 1993. In contrast to U. S. evidence, mergers are viewed favorably by investors of acquiring firms. We document a two - day acquirer abnormal return of 1,2 percent and a mean cumulative abnormal return of 5,4 percent for the duration of the takeover. Announcement returns display a strong positive asociation with the strength of acquirer's relationships with banks. The benefits of bank relations appear to be greater fir firms with poor investment opportunities and when the banking sector is healthy. We conclude that close ties with informed creditors, such as banks, facilitate investment policies that enhance shareholder wealth.

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