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NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Working Papers by Keiko Ito

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Working Papers

August 2006Cross-Border Acquisitions and Target Firms' Performance: Evidence From Japanese Firm-Level Data
with Kyoji Fukao, Hyeog Ug Kwon, Miho Takizawa: w12422
Using Japanese firm-level data for the period from 1994-2002, this paper examines whether a firm is chosen as an acquisition target based on its productivity level, profitability and other characteristics and whether the performance of Japanese firms that were acquired by foreign firms improves after the acquisition. In our previous study for the Japanese manufacturing sector, we found that M&As by foreigners brought a larger and quicker improvement in total factor productivity (TFP) and profit rates than M&As by domestic firms. However, it may argued that firms acquired by foreign firms showed better performance simply because foreign investors acquired more promising Japanese firms than Japanese investors did. In order to address this potential problem of selection bias problem, in this ...

Published: Cross-Border Acquisitions and Target Firms' Performance: Evidence from Japanese Firm-Level Data, Kyoji Fukao, Keiko Ito, Hyeog Ug Kwon, Miho Takizawa. in International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy (NBER-EASE Volume 17), Ito and Rose. 2008

January 2004Physical and Human Capital Deepening and New Trade Patterns in Japan
with Kyoji Fukao: w10209
This paper investigates the deepening of the international division of labor and its effect on factor intensities in Japan, mainly focusing on the manufacturing sector. In the first half of the paper, we analyze the factor contents of trade and find that Japan's factor content net-exports of capital and non-production labor grew rapidly while net-exports of production workers fell by a large amount during the period from 1980-2000. Interestingly, the decline in the factor content of net-exports of production workers was almost entirely caused by Japan's trade with China and Hong Kong. According to our decomposition analysis, however, most of the macro-economic change in the capital-labor ratio and the change in the skilled-labor ratio is attributable to a within-industry'shift rather than...

Published: Physical and Human Capital Deepening and New Trade Patterns in Japan, Keiko Ito, Kyoji Fukao. in International Trade in East Asia, NBER-East Asia Seminar on Economics, Volume 14, Ito and Rose. 2005

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers onlyInformation about this author at RePEc

 
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