| Item type |
デフォルトアイテムタイプ（フル）その２(1) |
| 公開日 |
2019-06-13 |
| タイトル |
|
|
タイトル |
Under pressure: listing status and disinvestment in Japan |
|
言語 |
en |
| 作成者 |
French, Joseph J.
Fujitani, Ryosuke
安田, 行宏
|
| 寄与者 |
|
|
寄与者タイプ |
Editor |
|
|
姓名 |
Hitotsubashi University Center for Financial Research |
|
|
言語 |
en |
|
|
|
所属機関名 |
Hitotsubashi University |
| アクセス権 |
|
|
アクセス権 |
open access |
|
アクセス権URI |
http://purl.org/coar/access_right/c_abf2 |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
disinvestment |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
listed status |
| 主題 |
|
|
主題Scheme |
Other |
|
主題 |
short-termism |
| 内容記述 |
|
|
内容記述タイプ |
Other |
|
内容記述 |
This version: April 5, 2019 |
|
言語 |
en |
| 内容記述 |
|
|
内容記述タイプ |
Abstract |
|
内容記述 |
We provide the first large sample comparisons of disinvestment by listed and unlisted firms. This study focuses on Japanese firms from 2001-2017, as this was a period of economic stagnation and financial reforms encouraging companies to restructure. We show that stock market listing is positively related to disinvestment. Listed firms disinvest 1.9% more than similar unlisted firms. Disinvestment activities of listed companies are also more sensitive to investment opportunities. Additionally, firms that disinvest show improvements in ROA and increases in future investment. Finally, we find that foreign (financial institution) ownership is positively (negatively) related to disinvestment. |
| 出版者 |
|
|
出版者 |
Hitotsubashi University Center for Financial Research |
| 日付 |
|
|
日付 |
2019-04-05 |
|
日付タイプ |
Issued |
| 言語 |
|
|
言語 |
eng |
| 資源タイプ |
|
|
資源タイプ識別子 |
http://purl.org/coar/resource_type/c_18gh |
|
資源タイプ |
technical report |
| 出版タイプ |
|
|
出版タイプ |
VoR |
|
出版タイプResource |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
| 関連情報 |
|
|
関連タイプ |
isPartOf |
|
|
関連名称 |
Working Paper Series ; No. G-1-21 |
| ページ数 |
|
|
ページ数 |
16 |
| Sponsorship |
|
|
値 |
Ryosuke Fujitani greatly appreciates financial support from a Grant-in-Aid for JSPS Research Fellow (No. JP17J03278) provided by Japan’s Ministry of Education, Science, Sports, and Culture. Yukihiro Yasuda greatly appreciates the financial support from Mizuho Securities and from a Grant-in-Aid for Scientific Research (C) (No. JP17K03798) provided by Japan’s Ministry of Education, Science, Sports, and Culture. Jo-seph French acknowledges financial support from the Tointon Research Fund. |
| JEL |
|
|
値 |
G31 |
| JEL |
|
|
値 |
G32 |
| JEL |
|
|
値 |
G34 |
070hcfrWP_1_021.pdf (500873 bytes)
