DC Field | Value | Language |
---|---|---|
dc.contributor.author | Choi, Yoon K. | ko |
dc.contributor.author | Han, SeungHun | ko |
dc.date.accessioned | 2013-08-08T05:42:48Z | - |
dc.date.available | 2013-08-08T05:42:48Z | - |
dc.date.created | 2013-03-19 | - |
dc.date.created | 2013-03-19 | - |
dc.date.issued | 2013-04 | - |
dc.identifier.citation | PACIFIC-BASIN FINANCE JOURNAL, v.22, pp.1 - 13 | - |
dc.identifier.issn | 0927-538X | - |
dc.identifier.uri | http://hdl.handle.net/10203/174514 | - |
dc.description.abstract | This paper examines the impact on firm value from the restructuring process of the keiretsu system due to Japan's deregulation. We focus on unique internal restructuring transactions called "spin-ins" that are triggered by the Amendment of the Commercial Code in 2001. We show that significant positive abnormal returns exist around the announcement of the spin-ins. These announcement returns have a positive relation to keiretsu affiliation and bank financing. Also, we find that Japanese spin-ins result in a significant improvement in investment-Q sensitivity, especially for keiretsu firms. Our results support the argument that the keiretsu system has transformed itself into a more efficient organization through the recent deregulation in financial markets. (C) 2012 Elsevier B.V. All rights reserved. | - |
dc.language | English | - |
dc.publisher | ELSEVIER SCIENCE BV | - |
dc.subject | INTERNAL CAPITAL-MARKETS | - |
dc.subject | INEFFICIENT INVESTMENT | - |
dc.subject | DIVERSIFICATION DISCOUNT | - |
dc.subject | EMPIRICAL-ANALYSIS | - |
dc.subject | BANK RELATIONS | - |
dc.subject | COSTS | - |
dc.subject | DEBT | - |
dc.subject | PERFORMANCE | - |
dc.subject | DECISIONS | - |
dc.subject | DISTRESS | - |
dc.title | Corporate restructuring, financial deregulation, and firm value: Evidence from Japanese "spin-ins" | - |
dc.type | Article | - |
dc.identifier.wosid | 000314856400001 | - |
dc.identifier.scopusid | 2-s2.0-84871667132 | - |
dc.type.rims | ART | - |
dc.citation.volume | 22 | - |
dc.citation.beginningpage | 1 | - |
dc.citation.endingpage | 13 | - |
dc.citation.publicationname | PACIFIC-BASIN FINANCE JOURNAL | - |
dc.identifier.doi | 10.1016/j.pacfin.2012.11.001 | - |
dc.contributor.localauthor | Han, SeungHun | - |
dc.contributor.nonIdAuthor | Choi, Yoon K. | - |
dc.type.journalArticle | Article | - |
dc.subject.keywordAuthor | Keiretsu | - |
dc.subject.keywordAuthor | Deregulation | - |
dc.subject.keywordAuthor | Internal restructuring | - |
dc.subject.keywordPlus | INTERNAL CAPITAL-MARKETS | - |
dc.subject.keywordPlus | INEFFICIENT INVESTMENT | - |
dc.subject.keywordPlus | DIVERSIFICATION DISCOUNT | - |
dc.subject.keywordPlus | EMPIRICAL-ANALYSIS | - |
dc.subject.keywordPlus | BANK RELATIONS | - |
dc.subject.keywordPlus | COSTS | - |
dc.subject.keywordPlus | DEBT | - |
dc.subject.keywordPlus | PERFORMANCE | - |
dc.subject.keywordPlus | DECISIONS | - |
dc.subject.keywordPlus | DISTRESS | - |
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