U.S.-Style Investor Activism in Japan: The First Ten Years

  title={U.S.-Style Investor Activism in Japan: The First Ten Years},
  author={Yasushi Hamao and Pedro Matos},
This paper provides a comprehensive look at the first decade of U.S.-style investor activism in Japan, the second largest stock market in the world with many underperforming and cash-rich firms. Barriers to shareholder activism have historically been high but we document an unprecedented wave of block acquisitions by hedge fund and other investors with a total of 916 stakes reported in the period between 1998 and 2009. There is, on average, a positive stock price reaction to the announcement of… CONTINUE READING