Impact of Japanese Mergers on Shareholder Wealth: An Analysis of Bidder and Target Companies

The market for corporate control in the second largest economy in the world behaves very different from that in the U.S. Using a sample of 91 mergers in the period 1982-2003 we document several distinctive features of this market in Japan. First, we show that in stark contrast to the pro-cyclical U.S. merger waves, mergers in Japan tend to be counter-cyclical, both with respect to the general economy as well as with respect to stock market valuations. Second, and again in contrast to the U.S. experience, we find that a significant fraction of Japanese mergers are orchestrated by the main banks; in such cases, mergers are not between two weak companies, but at least one of the merging companies is financially strong. Other distinctive features of Japanese mergers are the positive pre-announcement returns accruing to both bidders and targets, with bidders capturing approximately half the gains that accrue to target firms. We also find differential shareholder wealth effects in the bubble period (1982-1989), the early 1990s, and the post-financial regulation regime (1997-2003). Overall our results point to a market for corporate control that is distinctly less shareholder-centered than that in the U.S. and one where creditors play an important, perhaps dominant, role.mergers;Japanse mergers;corporate control;take-over

Культура мови і мовлення вчителя початкових класів

By emphasising that businesses attract offenders or generate 'eyes on the street' discouraging potential offenders, previous studies have largely neglected the active role of local business owners. As neighbourhood business owners have both individual and professional local stakes, they may take responsibility for a place and its immediate surroundings. Using a dataset of 895 residents and 385 entrepreneurs nested within 161 residential neighbourhoods, we show that local business owners are more willing to intervene in disorderly situations than unemployed residents. The findings suggest that this is caused by them having both higher expectations about intervention by others and greater belief in their own problem-solving capabilities. We speculate that although entrepreneurs only report higher willingness than unemployed residents but not employed residents, their presence may nevertheless influence neighbourhood order because they spend much time locally and thus have many opportunities to turn their willingness into action on behalf of the neighbourhood

Relative Distress and Return Distribution Characteristics of Japanese Stocks, a Fuzzy-Probabilistic Approach

In this article, we demonstrate that a direct relation exists between the context of Japanese firms indicating relative distress and conditional return distribution properties. We map cross-sectional vectors with company characteristics on vectors with return feature vectors, using a fuzzy identification technique called Competitive Exception Learning Algorithm (CELA)1. In this study we use company characteristics that follow from capital structure theory and we relate the recognized conditional return properties to this theory. Using the rules identified by this mapping procedure this approachenables us to make conditional predictions regarding the probability of a stock's or a group of stocks' return series for different return distribution classes (actually return indices). Using these findings, one may construct conditional indices that may serve as benchmarks. These would be particularly useful for tracking and portfolio management.capital structure;asset pricing;fuzzy systems;conditional return distribution;heuristic learning

Competition and group size in Thomas's langurs ( Presbytis thomasi): the folivore paradox revisited

Abstract Among primates, group size is highly variable. The standard ecological model assumes that better predation avoidance as group size increases favours living in larger groups, whereas increased travel costs and reduced net food intake due to within-group competition for resources set the upper limit. Folivorous primates, however, tend to defy this generalisation in that some live in small groups despite low costs of feeding competition. To resolve this folivore paradox , it has been suggested that folivore group size is limited by social factors such as male harassment or infanticide, or that females can disperse more easily and thus maintain group size near optimum levels. In this paper, we examine the effects of group size on home range size, day-journey length, activity budget and diet in wild Thomas's langurs (Presbytis thomasi), which live in one-male multi-female groups with a limited life cycle. We examined only data from the stable middle tenure phase when factors such as the strength of the breeding male or the way in which groups were formed did not influence ranging and activities. During this phase, group size affected day-journey length and home range size, and had a minor effect on diet, but did not influence time spent feeding or resting, allogrooming or birth rates. Hence the upper limit to group size during the middle tenure phase in Thomas s langurs is not set by feeding competition. The folivore paradox is not due to frequent female dispersal in Thomas s langurs. The timing of female dispersal is not as expected if it serves to keep group sizes near the ecological optimum, and groups seem to be below this optimum. Instead, female reproductive success is presumpresumably maximised in small to mid-sized groups because larger groups show a clear trend to experience higher risk of take-over, often accompanied by infanticide. Because females can redistribute themselves among nearby groups when groups reorganise each time a new male starts up a new group, females can keep the group small. Thus, a social factor, risk of infanticide, seems to provide the selective advantage to small group size in Thomas s langurs

Education and development as complex dynamic agent systems::how theory informs methodology

This chapter argues that the integrative theory that can serve as the basis of integrative methodology is the theory of complex dynamic agent systems. It explains this general theory by focusing on teaching–learning processes in the educational context, and on pedagogical actions and dynamic assessment in the classroom. A complex dynamic system can be defined as a network of components that interact with each other. Self-organization means that the network of components organizes itself into a particular pattern of temporarily self-sustaining relationships among components. “Self-sustaining” means that systems resist external perturbations, at least to a certain extent. External perturbations, when they occur, may function for the better or for the worse. Emergence means that the interactions between the components of a system lead to the origination of properties that are new, in the sense that they transcend the properties of the components taken separately