@article {Higgins61, author = {Huong Ngo Higgins}, title = {Alternative Investments in Japanese M\&As}, volume = {5}, number = {1}, pages = {61--68}, year = {2002}, doi = {10.3905/jai.2002.319044}, publisher = {Institutional Investor Journals Umbrella}, abstract = {Mergers and acquisitions (M\&As) are increasing in Japan in response to economic pressure and new legislation, and this increased activity creates a new frontier of opportunities for investment professionals. This article discusses the current M\&A environment in Japan, and presents evidence on the market performance of Japanese bidders in the past decade. The findings indicate that the M\&A market was relatively flat before 1999. However, after major legislative changes in 1999 to boost M\&A growth in Japan, abnormal returns could be earned by Japanese bidders for Japanese targets. On the contrary, Japanese bidders for non-Japanese targets incurred insignificant negative abnormal returns over the same period, perhaps reflecting the challenge faced by the bidders in coordinating cross-border transactions. The article provides insight into the Japanese M\&A market and helps M\&A professionals assess gains from trading strategies in Japan.}, issn = {1520-3255}, URL = {https://jai.pm-research.com/content/5/1/61}, eprint = {https://jai.pm-research.com/content/5/1/61.full.pdf}, journal = {The Journal of Alternative Investments} }