This paper compares the reaction of bidders’ stock prices to acquisition announcements by regulated non-financial firms, banks, and unregulated companies in Japan. Results suggest that regulated non-financial firms do not experience a significant stock price response at merger and acquisition...

Recently in Japan, the Banks' Shareholdings Restriction Law requires that banks substantially decrease shareholdings. This study examines firms that experienced a 5% or greater reduction in percentage ownership by banks for a year during 2001–2004. Results show that those firms improve their...

Purpose – Investigate the causes and consequences of foreign financial institutions' divestments in China's banking sector which is an example of cross-border transactions by institutional investors. Methodology – Use a sample of 26 foreign financial institutions' strategic investments in...