IDEAS home Printed from
MyIDEAS: Login to save this paper or follow this series

"Information Revealing Effects of Anti-takeover Amendments: A case of Japan in 2005 "(in Japanese)

  • Sumio Hirose

    (Faculty of Economics, Shinshu University)

  • Tomotaka Fujita

    (Graduate Schools for Law and Politics, University of Tokyo)

  • Noriyuki Yanagawa

    (Faculty of Economics, University of Tokyo)

Registered author(s):

    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.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: no

    Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE J-Series with number CIRJE-J-182.

    in new window

    Length: 40 pages
    Date of creation: Aug 2007
    Date of revision:
    Handle: RePEc:tky:jseres:2007cj182
    Contact details of provider: Postal: Hongo 7-3-1, Bunkyo-ku, Tokyo 113-0033
    Phone: +81-3-5841-5644
    Fax: +81-3-5841-8294
    Web page:

    More information through EDIRC

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:tky:jseres:2007cj182. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CIRJE administrative office)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.