The Impact of Market Inefficiency on TOB Strategies in Japan: A Theory and a Case in Japan

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  • 市場の非効率性とTOB戦略―日本における理論とケース―
  • シジョウ ノ ヒコウリツセイ ト TOB センリャク ニホン ニ オケル リロン ト ケース

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Abstract

<p>M&A is a useful method of effective use of resources among firms and of corporate governance. However, a TOB in Japan is greatly interrupted by market inefficiency, and this inefficiency is caused by the psychology of investors and the custom of cross-shareholding.</p><p>The realizable strategy for the success of a TOB in such an inefficient market is to promise to employ the management of a target firm after the TOB and give the minimum rents that induce them to agree to it</p>

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