%0 Journal Article %A Huong Ngo Higgins %T Alternative Investments in Japanese M&As %B A Market Review and Some Empirical Evidence %D 2002 %R 10.3905/jai.2002.319044 %J The Journal of Alternative Investments %P 61-68 %V 5 %N 1 %X 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. %U https://jai.pm-research.com/content/iijaltinv/5/1/61.full.pdf