Cross-Border M&As and firm value: A comparison of china- and US-Japan M&As

Keisuke Chikamoto, Fumiko Takeda, Ai Yokoyama

Research output: Contribution to journalArticlepeer-review

2 Citations (Scopus)


We examine the effect of M&As conducted by U.S. and Chinese bidders (US-Japan and China-Japan M&As) on the stock prices of Japanese targets. We find that both types of M&As tend to increase the stock prices of the Japanese targets and that market reactions are significantly greater for US-Japan M&As than for China-Japan M&As. Additionally, capital participation produces greater market reactions to China-Japan M&As than other structures, while acquisition produces this effect in US-Japan M&As. Our results are consistent with previous research indicating that market reactions increase for bidders operating in a developed country with high-quality institutions and corporate governance.

Original languageEnglish
Pages (from-to)352-368
Number of pages17
JournalContemporary Economic Policy
Issue number2
Publication statusPublished - 2016 Apr 1
Externally publishedYes

ASJC Scopus subject areas

  • Business, Management and Accounting(all)
  • Economics and Econometrics
  • Public Administration


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