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Number of Access this item:1,461（2024-04-20 22:15 Counts）

Identifier to cite or link to this item: https://hdl.handle.net/10086/17086

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Title
Does Restructuring Pay in Japan? Evidence Following the Lost Decade
Creator
Creator Name
Beason, Dick Beason, Dick
Affiliation
Affiliation Name
University of Alberta
Creator Name
Gordon, Ken Gordon, Ken
Affiliation
Affiliation Name
QI-CrossBorders
Creator Name
Mehrotra, Vikas Mehrotra, Vikas
Affiliation
Affiliation Name
University of Alberta
Creator Name
Watanabe, Akiko Watanabe, Akiko
Affiliation
Affiliation Name
University of Alberta
Editor
Contributor Name
Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University
Key Word
Japanese corporate restructuring
restructuring announcements
JEL
G34
J60
Abstract
After a decade of sluggish economic growth in the 1990s, it remains an open question whether and how Japanese firms have restructured their operations, and whether these efforts have borne any fruit. Using a randomly selected sample of 300 firms from the Tokyo Stock Exchange, we collect all restructuring announcement in the 2001-2002 period. Our results are striking in that while we do find that firms engaging in restructurings of various sorts display improved earnings in the period following the restructuring announcement, shareholders do not appear to benefit from such tangible earnings improvements. After a decade of lost opportunities, market participants in Japan remain skeptical of the sustainability of such restructuring efforts (that is, will the firms revert to their "bad old ways" when the immediate crisis is over).
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2009-03
Language
English(eng)
Resource Type
technical report
Version Type
NA
Is Part OfRelation -
Related Title
CEI Working Paper Series ; No. 2008-20
Is Replaced ByRelation -
Related Identifier
HDL
  http://hdl.handle.net/10086/29295
Relation
Related Title
This version has been revised. The new version is available at http://hdl.handle.net/10086/29295.
Related Identifier
URI
  http://cei.ier.hit-u.ac.jp/index.html
NCID
AA11590659
Appears in Collections
CEI Working Paper Series
URL
https://hdl.handle.net/10086/17086