The Effect of Bank Relations on Investment Decisions: An Investigation of Japanese Takeover Bids
研究1977-1993年日本154起国内并购，发现收购方投资者对并购反应积极，且银行关系越强，公告回报越高，尤其对投资机会差的企业和银行业健康时更明显。
We study 154 domestic mergers in Japan during 1977 to 1993. In contrast to U.S. evidence, mergers are viewed favorably by investors of acquiring firms. We document a two‐day acquirer abnormal return of 1.2 percent and a mean cumulative abnormal return of 5.4 percent for the duration of the takeover. Announcement returns display a strong positive association with the strength of acquirer's relationships with banks. The benefits of bank relations appear to be greater for firms with poor investment opportunities and when the banking sector is healthy. We conclude that close ties with informed creditors, such as banks, facilitate investment policies that enhance shareholder wealth.