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アイテム
買収防衛策導入の業績情報効果 : 2005 年日本のケース
http://hdl.handle.net/2261/8059
http://hdl.handle.net/2261/8059b1572e28-cde1-4b26-9458-b1c5162b6f25
| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2013-06-03 | |||||
| タイトル | ||||||
| タイトル | 買収防衛策導入の業績情報効果 : 2005 年日本のケース | |||||
| 言語 | ||||||
| 言語 | jpn | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| アクセス権 | ||||||
| アクセス権 | metadata only access | |||||
| アクセス権URI | http://purl.org/coar/access_right/c_14cb | |||||
| その他のタイトル | ||||||
| その他のタイトル | nformation Revealing Effects of Anti-takeover Amendments : A case of Japan in 2005 | |||||
| 著者 |
広瀬, 純夫
× 広瀬, 純夫× 藤田, 友敬× 柳川, 範之 |
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| 著者別名 | ||||||
| 識別子Scheme | WEKO | |||||
| 識別子 | 97310 | |||||
| 姓名 | Hirose, Sumio | |||||
| 著者別名 | ||||||
| 識別子Scheme | WEKO | |||||
| 識別子 | 97311 | |||||
| 姓名 | Fujita, Tomotaka | |||||
| 著者別名 | ||||||
| 識別子Scheme | WEKO | |||||
| 識別子 | 97312 | |||||
| 姓名 | Yanagawa, Noriyuki | |||||
| 著者所属 | ||||||
| 著者所属 | 信州大学経済学部 | |||||
| 著者所属 | ||||||
| 著者所属 | 東京大学大学院法学政治学研究科 | |||||
| 著者所属 | ||||||
| 著者所属 | 東京大学大学院経済学研究科 | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | In 2005, Japanese firms were allowed to introduce the anti-takeover amendments. By using of the data of 2005, this paper examined the incentives and effects of anti-takeover amendments in Japan. It has shown that the performances of the ATA introduced firms dropped in 2005 fiscal year. These performances changes occurred just after the introduction of ATA. Hence we can conclude that ATAs have been introduced by the firm whose managers recognized that their performances would be decreased. By checking the stock prices of those firms by using of an event study technique, this paper found that the movements of stock prices were consistent with the changes of performances. In other words, the introduction of ATA has revealed the negative signal to the market. Moreover, this paper shows that explicit ATAs were more negatively judged than implicit ATAs from the market. The average abnormal returns of ATA introduced firms whose simple Q is lower than 1 were negative even when the estimation window is extended to 35 days. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 本文フィルはリンク先を参照のこと | |||||
| 書誌情報 |
Discussion paper series. CIRJE-J 巻 CIRJE-J-182, 発行日 2007-08 |
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| 書誌レコードID | ||||||
| 収録物識別子タイプ | NCID | |||||
| 収録物識別子 | AA11451834 | |||||
| フォーマット | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | application/pdf | |||||
| 日本十進分類法 | ||||||
| 主題Scheme | NDC | |||||
| 主題 | 330 | |||||
| 出版者 | ||||||
| 出版者 | 日本経済国際共同センター | |||||
| 出版者別名 | ||||||
| Center for International Research on the Japanese Economy | ||||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.cirje.e.u-tokyo.ac.jp/research/dp/2007/2007cj182ab.html | |||||
