Restructuring in the global economy: The consequences of strategic linkages between Japanese and U.S. firms
研究了日美企业战略联盟如何影响双方的重组选择，提出日本企业获得投资组合调整的看涨期权，美国企业获得财务重组的看跌期权，日本企业既是美国企业重组的动因也是资金来源。
Global corporate restructuring often involves U.S. and Japanese alliance partners in interlinked portfolio choices. This paper develops theory and propositions that study U.S. and Japanese restructuring as a process of strategic choice, and introduces the concept of the restructuring profile. Japanese-U.S. strategic linkages create choices in the form of a call option on portfolio reconfiguration for the Japanese firm, and a put option on financial restructuring for its U. S. partner. While Japanese competition forms an initiating force for U. S. restructuring, it also offers a source of capital for that purpose-a unique situation in which the Japanese firm is a part of both the problem and the solution in its U. S. partner's restructuring.