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In brief economic capsules: equity carve-outs in Tokyo


  • Ted Fikre


The author examines the pricing of U.S. subsidiaries and U.S. joint ventures "carved out" and taken public on the Tokyo stock market in recent years. In comparing the price-earnings multiples obtained by the carve-outs with the contemporaneous multiples of their parent companies, he offers some perspective on the broader pricing discrepancy between the Japanese and U.S. markets in the late 1980s.

Suggested Citation

  • Ted Fikre, 1990. "In brief economic capsules: equity carve-outs in Tokyo," Quarterly Review, Federal Reserve Bank of New York, issue Win, pages 60-64.
  • Handle: RePEc:fip:fednqr:y:1990:i:win:p:60-64:n:v.15no.3-4

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    References listed on IDEAS

    1. Ando, Albert & Auerbach, Alan J., 1988. "The cost of capital in the United States and Japan: A comparison," Journal of the Japanese and International Economies, Elsevier, vol. 2(2), pages 134-158, June.
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    Japan ; Stock - Prices - Japan;


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