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Why is There a Home Bias? An Analysis of Foreign Portfolio Equity Ownership in Japan
This paper uses data on foreign stock ownership in Japan from 1975 to 1991 to examine the determinants of the home bias in portfolio holdings. Existing models of international portfolio choiceExpand
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Tunneling or Value Added? Evidence from Mergers by Korean Business Groups
We examine whether firms belonging to Korean business groups (chaebols) benefit from acquisitions they make or whether such acquisitions provide a way for controlling shareholders to increase theirExpand
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Corporate governance and firm value: evidence from the Korean financial crisis
We show that during the 1997 Korean financial crisis, chaebol firms with higher ownership concentration by unaffiliated investors experience a smaller reduction in their share value. Firms withExpand
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Corporate Social Responsibility and Stakeholder Value Maximization: Evidence from Mergers
Using a large sample of mergers in the U.S., we examine whether corporate social responsibility (CSR) creates value for acquiring firms’ shareholders. We find that compared to low CSR acquirers, highExpand
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Firm performance, corporate governance, and top executive turnover in Japan
We examine the role of corporate governance mechanisms during top executive turnover in Japanese corporations. Consistent with evidence from U.S. data, the likelihood of nonroutine turnover isExpand
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Corporate Restructuring During Performance Declines in Japan
This paper documents the restructuring of 92 Japanese corporations that experienced a substantial decline in operating performance during 1986 to 1990. We find that these Japanese firms implement aExpand
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Employee Treatment and Firm Leverage: A Test of the Stakeholder Theory of Capital Structure
We investigate the stakeholder theory of capital structure from the perspective of a firm's relations with its employees. We find that firms that treat their employees fairly (as measured by highExpand
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How Different is Japanese Corporate Finance? An Investigation of the Information Content of New Security Issues
This paper studies the shareholder wealth effects associated with 875 new security issues in Japan from January 1, 1985 to May 31, 1991. The sample includes public equity, private equity, rightsExpand
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Local institutional investors, information asymmetries, and equity returns
We examine the informational role of geographically proximate institutions in stock markets. We find that both the level of and change in local institutional ownership predict future stock returns,Expand
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The international market for corporate control *1: Mergers and acquisitions of U.S. firms by Japanese firms
Abstract Japanese mergers and acquisitions in the U.S. create statistically significant wealth gains for both Japanese bidders and U.S. targets. Consistent with the literature on foreign directExpand
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