Discussion Paper Series 2016 #05 : « The impact of changes in Japanese tender offer regulations on bidder behavior and shareholder gains »

Abstract Japanese regulators have undertaken several adjustments to the rules governing the market for corporate control beginning with the 1990 introduction of mandatory bid rules (MBR) for tender offers. However, the adoption of an MBR alone did not initially contribute to an active tender offer market, nor did it adequately protect targets’ minority shareholders. It required more than a decade and two important revisions to MBR for the regulators to achieve a reasonable balance between the conflicting objectives of MBR regulation. First, share based squeeze-out rules were introduced in 1999. Then, in 2006, additional new rules increased the protection of...

Discussion Paper Series 2016 #04 : « Toward a Conceptual Framework for Understanding Institutional Change in Japanese Capitalism: Structural Transformations and Organizational Diversity »

Extract The literature on comparative capitalism sees institutions largely as a set of incentives and constraints on rational behavior of business enterprises. Institutions constrain economic action, but also create new opportunities for economic action. For example, any market order needs the support of basic property rights and the rule of law (Khanna & Palepu, 2006), which both constrain certain uses of property and thereby enable other ones. Institutions may also solve certain collective action problems through different modes of governance over transactions – such as markets, hierarchies, networks, associations, state regulation and so on (Hollingsworth & Boyer, 1997). Consequently, many...

Discussion Paper Series 2016 #03 : « Does Ownership Really Matter? : The Role of Foreign Investors in Corporate Governance in Japan »

After the banking crisis of 1997, corporate ownership in Japan shifted from an insider-dominated to an outsider-dominated structure. This paper analyzes the impact of dramatic changes in the ownership structure on corporate governance and firm value, focusing on the role of foreign institutional investors.

Discussion Paper Series 2016 #02

In this paper, we introduce a financial dimension as an additional source of firm heterogeneity to understand export market participation, and examine how the impact of leverage on firms’ exporting decisions varies depending on financial constraints, using a panel of 3,353 Korean manufacturing firms over the period of 1994-2011.

Issue n°80 of the Journal Entreprises et Histoire « Relations Europe-Japon »

Sommaire Éditorial Harm G. Schröter Page 5 à 12 – Japanese-European business encounters during the second half of the 20th century Relations Europe-Japon Takeshi Abe Page 13 à 35 – The “Japan problem”: the trade conflict between the European countries and Japan in the last quarter of the 20thcentury Patrick Fridenson Page 36 à 56 – Japanese-French business encounters since 1952: two opposite relations Paloma Fernández Pérez Page 57 à 83 – Acerinox: a successful Japanese joint-venture in Southern Europe in the second half of the twentieth century Akira Kudō Page 84 à 113 – Economic relations between Japan and East Germany: the developing relationship...

View of the Pudong skyline in the evening light. From left to right: HSBC TowerJin Mao Tower, Shanghai World Financial Center and the Shanghai Tower (under contruction).

China’s Transformation, a Challenge for Political Economy

Revue de la régulation seeks to provide a forum for research in the field of regulationist studies and, more broadly, for the full spectrum of institutionalist approaches in economics and beyond. The journal seeks above all to foster a broad discussion that includes other social sciences such as economic sociology, history, political science, management, etc.

Review: The Great Transformation of Japanese Capitalism ed. by Sébastien Lechevalier

In The Great Transformation of Japanese Capitalism, Sébastien Lechevalier writes that “the ambition of this book is to offer a very different account from what is usually accepted about the trajectory of [the] Japanese economy since the early 1980s” (p. 158). He notes that until the end of the 1980s, the performance of Japan’s economy was regarded as clearly superior to those of the United States and Europe. However, the dominant viewpoint today is that Japan is inescapably on a downward slope. Lechevalier states that from a neo-liberal viewpoint, the stagnation of the Japanese economy is caused by the failure of the Japanese socioeconomic system to adapt to a new global and technological environment. He challenges this neo-liberal view, however, arguing that the neo-liberal solution to the Japanese economic crisis is, in fact, one of the causes of the problems that Japan has faced over the past thirty years.