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Corporate Restructuring in Japan: An Event-Study Analysis

Author/Editor: Chan-Lau, Jorge A.
Authorized for Distribution: December 1, 2001
Electronic Access: Free Full Text (PDF file size is 478KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: The implementation of the Commercial Rehabilitation Law (CRL) on April 1, 2000 was considered a key event in setting up the official infrastructure supporting corporate restructuring in Japan. This study evaluates the stock price impact of restructuring announcements before and after the CRL implementation using event-study analysis. Following the CRL implementation, the results suggest an improvement in market credibility of restructuring announcements based on improvements in disclosure, mergers, and to a lesser extent, labor force reductions. In contrast, credibility of restructuring announcements aimed at reducing excess capital deteriorated.
 
Series: Working Paper No. 01/202
Subject(s): Banking systems | Japan | Stock markets | Governance
Author's keyword(s): Japan | corporate restructuring | corporate governance | event-study analysis
 
English  
    Published:   December 1, 2001        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA2022001   Pages:   15
    Price:   US$15.00
       
     
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