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Information for Subscribers Journal of Applied Corporate Finance is published in four issues per year. Institutional subscription prices for 2012 are: Print & Online: US$484 (US)
Alchian (1972)
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M. Jensen (1999)
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Abbie Smith (1990)
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Steven Kaplan, Gregor Andrade (1997)
How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became DistressedCorporate
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Main bank kainyu gata governance wa henka shita noka? 1990-nendai to sekiyu shock go to no hikaku,
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M. Aoki, H. Patrick, P. Sheard (1995)
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S. Kaplan, J. Stein (1993)
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H. Odagiri, T. Hase (1989)
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Robert Gertner, S. Kaplan (1996)
The Value Maximizing Board
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S. Kaplan (1989)
Management Buyouts: Evidence on Taxes as a Source of ValueJournal of Finance, 44
Odagiri Odagiri, Hase Hase (1989)
“Are Mergers and Acquisitions Going to be Popular in Japan too??International Journal of Industrial Organization, 7
Smith Smith (1990)
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Tsung-ming Yeh, Y. Hoshino (2002)
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Chris Muscarella, Michael Vetsuypens (1990)
Efficiency and Organizational Structure: A Study of Reverse LBOsJournal of Finance, 45
S. Davis, J. Haltiwanger, Ron Jarmin, J. Lerner, Javier Miranda (2011)
Private Equity and EmploymentERN: Vertical & Horizontal Integration (Topic)
Andrade (1998)
“How Costly is Financial (not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed,?Journal of Finance, 53
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S. Kaplan (1989)
The effects of management buyouts on operating performance and valueJournal of Financial Economics, 24
Kaplan Kaplan, Stromberg Stromberg (2009)
“Leveraged Buyouts and Private Equity,?Journal of Economic Perspectives, 23
T. Andersen (1998)
THE ECONOMETRICS OF FINANCIAL MARKETSEconometric Theory, 14
葉 聰明 (2007)
Bank Directorships and Bidder's Returns in Japanese Takeovers, 20
The author summarizes the findings of his recent study of 62 buyouts of listed Japanese companies by both Japanese and “foreign” private equity funds that were transacted between 2000 and 2007. Roughly half of the author's sample of transactions were accomplished by means of takeover bids by PE funds, and such deals were transacted at prices that represented a premium (of roughly 12%) to current market values. Most of the other PE transactions were privately negotiated deals in which the purchase prices involved discounts (of about 15% on average) to current value. For both sets of deals, however, the announcements of such buyouts were associated, on average, with a significantly positive stock market reaction. By the cutoff date of the study (May 2010), 30 of the 62 acquired firms had realized “exits.” Those companies (though not the others) experienced significant average improvements in operating performance; and the extent of such improvements were roughly consistent with the size of the positive market reaction to the buyout announcements. The test results suggest that the value increases can be attributed to the more efficient use of assets and reduction of operating costs. Meanwhile, there was no evidence suggesting that the acquired firms cut back on their research and development, capital investments, or employee wages and growth. What's more, examination of the operating performance of the 30 companies after their exits showed no deterioration in profitability or investment spending.
Journal of Applied Corporate Finance – Wiley
Published: Dec 1, 2012
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