Kotaro Inoue - Academia.edu (original) (raw)

Papers by Kotaro Inoue

Research paper thumbnail of Do acquisitions by electric utility companies create value? Evidence from deregulated markets

Energy Policy, 2017

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Research paper thumbnail of Institutional investors, stewardship code, and corporate performance: International evidence

Corporate governance: Search for the advanced practices, 2019

This study investigates if stewardship code enhances monitoring activities of institutional inves... more This study investigates if stewardship code enhances monitoring activities of institutional investors on their portfolio firms. Stewardship Codes aim to enhance the quality of engagement between institutional investors and companies. Since institutional investors who typically hold diversified portfolio should have little incentive to monitor their portfolio firms due to free-rider problem, the stewardship code, which is designed to motivate institutional investors to monitor, becomes important in countries with high institutional ownership

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Research paper thumbnail of Symposium: Corporate Governance and Empirical Studies:Implications to Corporate Law

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Research paper thumbnail of Uncertainty Avoiding Behavior and Cross-border Acquisitions

The influence of managerial attitudes on corporate finance has become a topic of great interest. ... more The influence of managerial attitudes on corporate finance has become a topic of great interest. For example, Malmendier and Tate (2008) show that overconfident managers are more likely to conduct acquisitions. This research explores the impact of national business cultures on cross-border acquisitions. Business cultures can influence the ways managers cope with uncertainty and their subsequent business decisions, as was described in seminal research by Hofstede (1991). By their very nature, cross-border acquisitions require that managers deal with different cultures and higher levels of uncertainty. We seek to understand how business cultures affect value in cross-border acquisitions using data from the Asia-Pacific Rim region over the period 2000-2009. The countries in this region have large cultural differences, and the potential gains from acquisitions are very substantial, so these data are an excellent population for analysis. Our results show that different business cultures ...

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Research paper thumbnail of Do M&As in Japan Increase Shareholder Value?

AbstractThe following sections are included:IntroductionThe State of the M&A Market in JapanDo M&... more AbstractThe following sections are included:IntroductionThe State of the M&A Market in JapanDo M&As in Japan Increase Shareholder Value?Factors Behind the Value Creation by M&A ActivitiesLong-Term Shareholders' Return after M&As in JapanConclusionAcknowledgmentReferences

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Research paper thumbnail of Corporate Governance, Employment, and Financial Performance of Japanese Firms: A Cross-Country Analysis

SSRN Electronic Journal

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Research paper thumbnail of Empirical evidence of coercive tender offers in Japan

Japan and the World Economy

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Research paper thumbnail of Do Cross-Border Acquisitions Create More Shareholder Value than Domestic Deals for Firms in a Mature Economy? The Japanese Case

SSRN Electronic Journal

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Research paper thumbnail of Enjoying the Quiet Life: Corporate Decision-Making by Entrenched Managers

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Research paper thumbnail of 日本のM&Aに関する実証研究 : 発表日前後の株価変動の分析

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Research paper thumbnail of Parent Company Puzzle in Japan: Another Case of the Limits of Arbitrage

Hitotsubashi journal of commerce and …, 2008

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Research paper thumbnail of Post-restructuring performance in Japan

Pacific-Basin Finance Journal, 2010

ABSTRACT Peek and Rosengren (2005) showed that after the end of the bubble economy era in Japan, ... more ABSTRACT Peek and Rosengren (2005) showed that after the end of the bubble economy era in Japan, regulatory forbearance and perverse incentives allowed Japanese banks to engage extensively in "evergreening". Inoue et al. (2008) also showed that, compared to out-of-court settlements in the United States, agreements on out-of-court restructuring are attained more easily in Japan. However, widespread forbearance by banks and affiliated companies in addressing the needs of distressed firms indicated a serious weakness of banks and affiliated companies in instituting discipline. This is the first empirical study to examine the performance of Japanese firms that experienced out-of-court restructuring in Japan from January 1990, when the bubble economy burst, to March 2005, when the Koizumi Cabinet declared the bad debt problems of major firms to be resolved. Our results show that important biases permitted deeply unprofitable firms to survive in Japan. This finding is similar to research by Hotchkiss (1995), who analyzed post-restructuring performance in the United States. We also find that out-of-court restructurings of troubled firms in Japan were less effective in improving profitability than restructurings under Chapter 11 in the United States. However, we find that restructurings associated with new capital injections and new outside management are more likely to lead to genuine improvement in financial performance.

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Research paper thumbnail of Corporate restructuring in Japan: Who monitors the monitor?

Journal of Banking & Finance, 2008

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Research paper thumbnail of Do acquisitions by electric utility companies create value? Evidence from deregulated markets

Energy Policy, 2017

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Institutional investors, stewardship code, and corporate performance: International evidence

Corporate governance: Search for the advanced practices, 2019

This study investigates if stewardship code enhances monitoring activities of institutional inves... more This study investigates if stewardship code enhances monitoring activities of institutional investors on their portfolio firms. Stewardship Codes aim to enhance the quality of engagement between institutional investors and companies. Since institutional investors who typically hold diversified portfolio should have little incentive to monitor their portfolio firms due to free-rider problem, the stewardship code, which is designed to motivate institutional investors to monitor, becomes important in countries with high institutional ownership

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Symposium: Corporate Governance and Empirical Studies:Implications to Corporate Law

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Uncertainty Avoiding Behavior and Cross-border Acquisitions

The influence of managerial attitudes on corporate finance has become a topic of great interest. ... more The influence of managerial attitudes on corporate finance has become a topic of great interest. For example, Malmendier and Tate (2008) show that overconfident managers are more likely to conduct acquisitions. This research explores the impact of national business cultures on cross-border acquisitions. Business cultures can influence the ways managers cope with uncertainty and their subsequent business decisions, as was described in seminal research by Hofstede (1991). By their very nature, cross-border acquisitions require that managers deal with different cultures and higher levels of uncertainty. We seek to understand how business cultures affect value in cross-border acquisitions using data from the Asia-Pacific Rim region over the period 2000-2009. The countries in this region have large cultural differences, and the potential gains from acquisitions are very substantial, so these data are an excellent population for analysis. Our results show that different business cultures ...

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Do M&As in Japan Increase Shareholder Value?

AbstractThe following sections are included:IntroductionThe State of the M&A Market in JapanDo M&... more AbstractThe following sections are included:IntroductionThe State of the M&A Market in JapanDo M&As in Japan Increase Shareholder Value?Factors Behind the Value Creation by M&A ActivitiesLong-Term Shareholders' Return after M&As in JapanConclusionAcknowledgmentReferences

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Research paper thumbnail of Corporate Governance, Employment, and Financial Performance of Japanese Firms: A Cross-Country Analysis

SSRN Electronic Journal

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Research paper thumbnail of Empirical evidence of coercive tender offers in Japan

Japan and the World Economy

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Do Cross-Border Acquisitions Create More Shareholder Value than Domestic Deals for Firms in a Mature Economy? The Japanese Case

SSRN Electronic Journal

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Enjoying the Quiet Life: Corporate Decision-Making by Entrenched Managers

Bookmarks Related papers MentionsView impact

Research paper thumbnail of 日本のM&Aに関する実証研究 : 発表日前後の株価変動の分析

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Parent Company Puzzle in Japan: Another Case of the Limits of Arbitrage

Hitotsubashi journal of commerce and …, 2008

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Post-restructuring performance in Japan

Pacific-Basin Finance Journal, 2010

ABSTRACT Peek and Rosengren (2005) showed that after the end of the bubble economy era in Japan, ... more ABSTRACT Peek and Rosengren (2005) showed that after the end of the bubble economy era in Japan, regulatory forbearance and perverse incentives allowed Japanese banks to engage extensively in "evergreening". Inoue et al. (2008) also showed that, compared to out-of-court settlements in the United States, agreements on out-of-court restructuring are attained more easily in Japan. However, widespread forbearance by banks and affiliated companies in addressing the needs of distressed firms indicated a serious weakness of banks and affiliated companies in instituting discipline. This is the first empirical study to examine the performance of Japanese firms that experienced out-of-court restructuring in Japan from January 1990, when the bubble economy burst, to March 2005, when the Koizumi Cabinet declared the bad debt problems of major firms to be resolved. Our results show that important biases permitted deeply unprofitable firms to survive in Japan. This finding is similar to research by Hotchkiss (1995), who analyzed post-restructuring performance in the United States. We also find that out-of-court restructurings of troubled firms in Japan were less effective in improving profitability than restructurings under Chapter 11 in the United States. However, we find that restructurings associated with new capital injections and new outside management are more likely to lead to genuine improvement in financial performance.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Corporate restructuring in Japan: Who monitors the monitor?

Journal of Banking & Finance, 2008

Bookmarks Related papers MentionsView impact