Using Japanese firm-level data for the period from 1994-2002, this paper examines whether a firm is chosen as an acquisition target based on its productivity level, profitability and other characteristics and whether the performance of Japanese firms that were acquired by foreign firms improves...

Existing studies on the financial system in East Asia have emphasized its excessive debt financing, the lack of a bond market and its limited function on corporate governance. Other apparent facts, such as the average low debt ratio, the existence of large but unlisted firms, and the...

We analyze globalization and business cycles in China and selected OECD countries using dynamic correlation analysis. We show that dynamic correlations of business cycles of OECD countries and China are negative at business-cycle frequencies and positive for short-run developments. Furthermore,...

Using Japanese firm-level data for the period from 1994-2002, this paper examines whether a firm is chosen as an acquisition target based on its productivity level, profitability and other characteristics and whether the performance of Japanese firms that were acquired by foreign firms improves...

This paper shows that in the short run an increase in foreign firms' industry share lowers the TFP growth of Japanese firms as a result of the decrease in market power. However, in the long run, the entry of foreign-owned firms has a positive effect on the productivity of local firms as a result...

Firstly, this paper shows that before M&A the foreign firms value the facility and scale economy in target firms which have greater capital stock and sales in the host country. Secondly, out-in M&A firms acquired by foreign firms saw an improvement in their business efficiency after the...

This paper examines the hypothesis that expansion of overseas operations of Japanese manufacturing multinational enterprises (MNEs) reduces home employment. While the existing studies are mainly based on the industry level, this paper presents the evidence using newly constructed firm-level...

This paper compares the performance of foreign-owned and domestically-owned firms, using micro data on Japanese firms in the manufacturing sector for the period 1994-2000. The overall comparison between foreign-owned and Japanese companies shows that foreign-owned companies enjoyed 5% higher TFP...

Is employment practice at foreign-owned firms different from that of Japan, the life-time employment system? Using firm level data of the Japanese manufacturing sector, this paper showed that the adjustment speed of employment at foreign-owned firms was slightly higher than at domestically-owned...

This paper examines the exporting job hypothesis that expansion of overseas operations of manufacturing multinational enterprises (MNEs) reduces home employment using data for Japanese MNEs. While the existing studies are mainly based on the industry level data, this paper presents the evidence...