In 2006, the United Nations Global Compact launched Principles for Responsible Investment (PRI), and the Japanese Ministry of Environment advocated financial mechanisms for environmental protection. We find that institutional ownership in 2005 is positively related to the probability of...

We find that the portfolio of Korean firms with small accounts payable and large accounts receivable experiences negative excess returns when investors learn that North Korea sank a South Korean warship in May 2010. The negative effect of small accounts payable (large accounts receivable) is...

In Chinese equity issues, long-term interval exists between initial announcement and execution due to regulatory process. Meanwhile, issuance prices of private placements are regulated not to fall below 90% of market prices at the announcement. We argue that Chinese firms conduct private...

The average Chinese SEO is executed about one year after the initial announcement due to regulative screening. Although overvaluation at the announcement is not necessary for market timing, we find a significant stock price run-up and reversal surrounding SEO announcements, which are consistent...

We investigate shareholder meeting data of French, Japanese, and UK indexed companies over the period from 2010 to 2015. For French and Japanese companies, a 10 percent increase in ownership by foreign well-diversified institutional investors decreases the approval rate by 6 – 8.5 percent when...

To examine whether outside (or independent) directors monitor management in the shareholder interest, the authors collect Japanese companies that experience 33 per cent or more performance declines during the financial crisis (for the 2008 accounting year) and investigate how board independence...

Previous studies offer evidence that foreign investors invest less money in countries or firms with weak corporate governance structures (Aggarwal et al. 2005; Dahlquist et al. 2003; Kim et al. 2010; Leuz et al. 2009). Investigating Japanese companies that go public during the 1997-2002 period, we find that...

This paper investigates whether stock option grants increase managerial risk taking in Japan by using intraday stock return data as well as daily stock return data and yearly financial data. As with previous US studies, we find that firms that announce stock option grants experience...

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 M&A announcements,...