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The Impact of Mergers on Profits, Share Value,Innovation, and Product Prices in Japan in the 2000s

The Impact of Mergers on Profits, Share Value,Innovation, and Product Prices in Japan in the 2000s

タイトル,著者,概要 本文
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"The Impact of Mergers on Profits, Share Value,Innovation, and Product Prices in Japan in the 2000s"(2011年7月)
 小田切 宏之(成城大学社会イノベーション学部教授・競争政策研究センター所長)
 荒井 弘毅(公正取引委員会競争政策研究センター)
 土井 教之(関西学院大学経済学部教授・競争政策研究センター主任研究官)
 工藤 恭嗣(公正取引委員会競争政策研究センター)
 柳田 千春(公正取引委員会競争政策研究センター)
 概要
 This paper investigates the extent of performance changes after mergers (including all forms of business combination) in Japan since 2000. The performance measure used is four-fold: profit rates, share prices (event study), innovation measures (R&D intensity and the number of patents), and product prices. To study the effects from diverse viewpoints, we adopt methodology and sample that would fit each performance measure best. The result produced little evidence to suggest that mergers improved the firms' performance. There are more cases of the performance worsening than improving after mergers, though hardly any results are statistically significant, because of the presence of large variance across cases.
Keywords: merger, profit, event study, R&D, price, competition law
JEL Classification Codes: G34, K21, L11, L25, L41, O31
CPDP
51-E
(PDF:480KB)

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