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Economic Analysis of M&As: Why has the number of M&As increased? (Japanese)

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  • ARIKAWA Yasuhiro
  • MIYAJIMA Hideaki
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    Abstract

    The rapid increase in the number of mergers and acquisitions (M&As) from the 1990s onward can be attributed primarily to a type of shock to the growth and/or profitability of certain industries and corporations. Characteristics of industries and corporations subject to particularly aggressive M&A activities include higher growth opportunities, high profitability and lower debt ratios. In this regard, it is fair to say that M&As from the 1990s onward have been used by companies and industries with higher growth opportunities as a tool to turn these opportunities into reality.

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    File URL: http://www.rieti.go.jp/jp/publications/dp/06j034.pdf
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    Bibliographic Info

    Paper provided by Research Institute of Economy, Trade and Industry (RIETI) in its series Discussion Papers (Japanese) with number 06034.

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    Length: 27 pages
    Date of creation: Apr 2006
    Date of revision:
    Handle: RePEc:eti:rdpsjp:06034

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    1. Shleifer, Andrei & Vishny, Robert W, 1992. " Liquidation Values and Debt Capacity: A Market Equilibrium Approach," Journal of Finance, American Finance Association, vol. 47(4), pages 1343-66, September.
    2. Andrade, Gregor & Stafford, Erik, 2004. "Investigating the economic role of mergers," Journal of Corporate Finance, Elsevier, vol. 10(1), pages 1-36, January.
    3. Matthew Rhodes-Kropf & S. Viswanathan, 2004. "Market Valuation and Merger Waves," Journal of Finance, American Finance Association, vol. 59(6), pages 2685-2718, December.
    4. Steven N. Kaplan, 2000. "Introduction to "Mergers and Productivity"," NBER Chapters, in: Mergers and Productivity, pages 1-8 National Bureau of Economic Research, Inc.
    5. Harford, Jarrad, 2005. "What drives merger waves?," Journal of Financial Economics, Elsevier, vol. 77(3), pages 529-560, September.
    6. Boyan Jovanovic & Peter L. Rousseau, 2002. "The Q-Theory of Mergers," American Economic Review, American Economic Association, vol. 92(2), pages 198-204, May.
    7. Devra L. Golbe & Lawrence J. White, 1988. "A Time-Series Analysis of Mergers and Acquisitions in the U.S. Economy," NBER Chapters, in: Corporate Takeovers: Causes and Consequences, pages 265-310 National Bureau of Economic Research, Inc.
    8. Clarke, Roger & Ioannidis, Christos, 1996. "On the relationship between aggregate merger activity and the stock market: some further empirical evidence," Economics Letters, Elsevier, vol. 53(3), pages 349-356, December.
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