NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Miho Takizawa

Toyo University
5-28-20, Hakusan, Bunkyo-ku, Tokyo, 112-8606
Japan

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NBER Working Papers and Publications

July 2008Cross-Border Acquisitions and Target Firms' Performance: Evidence from Japanese Firm-Level Data
with Kyoji Fukao, Keiko Ito, Hyeog Ug Kwon
in International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy (NBER-EASE Volume 17), Takatoshi Ito and Andrew K. Rose, editors
August 2006Cross-Border Acquisitions and Target Firms' Performance: Evidence From Japanese Firm-Level Data
with Kyoji Fukao, Keiko Ito, Hyeog Ug Kwon: 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

 
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