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Corporate Restructuring in Japan

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  • Jorge A. Chan-Lau

Abstract

The 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 Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 01/202.

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Length: 15
Date of creation: 01 Dec 2001
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Handle: RePEc:imf:imfwpa:01/202

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  1. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, American Finance Association, vol. 25(2), pages 383-417, May.
  2. Carlin, Wendy & Mayer, Colin, 2003. "Finance, investment, and growth," Journal of Financial Economics, Elsevier, Elsevier, vol. 69(1), pages 191-226, July.
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  5. Kang, Jun-Koo & Shivdasani, Anil, 1999. "Alternative mechanisms for corporate governance in Japan: An analysis of independent and bank-affiliated firms," Pacific-Basin Finance Journal, Elsevier, Elsevier, vol. 7(1), pages 1-22, February.
  6. Yafeh, Yishay, 2000. "Corporate Governance in Japan: Past Performance and Future Prospects," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 16(2), pages 74-84, Summer.
  7. Shishido, Zenichi, 1999. "Japanese Corporate Governance: The Hidden Problems of the Corporate Law and Their Solutions," Berkeley Olin Program in Law & Economics, Working Paper Series, Berkeley Olin Program in Law & Economics qt0x2520bb, Berkeley Olin Program in Law & Economics.
  8. David E. Weinstein & Yishay Yafeh, 1998. "On the Costs of a Bank-Centered Financial System: Evidence from the Changing Main Bank Relations in Japan," Journal of Finance, American Finance Association, American Finance Association, vol. 53(2), pages 635-672, 04.
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