Corporate Restructuring in Japan
AbstractThe implementation of the Commercial Rehabilitation Law (CRL) on April 1, 2000 was considered a key event in setting up the official infrastructure supporting corporate restructuring in Japan. This study evaluates the stock price impact of restructuring announcements before and after the CRL implementation using event-study analysis. Following the CRL implementation, the results suggest an improvement in market credibility of restructuring announcements based on improvements in disclosure, mergers, and to a lesser extent, labor force reductions. In contrast, credibility of restructuring announcements aimed at reducing excess capital deteriorated.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 01/202.
Date of creation: 01 Dec 2001
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Other versions of this item:
- Chan-Lau, Jorge, 2003. "Corporate restructuring in Japan," Journal of Financial Transformation, Capco Institute, Capco Institute, vol. 7, pages 85-92.
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
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