Japan

Foreign Investor Activism in Japan: The First Ten Years

Choice as Regulatory Reform: The Case of Japanese Corporate Governance

Unexpected Corporate Outcomes from Hedge Fund Activism in Japan

Hedge fund activism has been identified in the USA as a driver of enduring corporate governance change and market perception. We investigate this claim in an empirical study to see whether activism produced similar results in Japan in...

Been There, Done That. The History of Corporate Ownership in Japan

On the Real Effects of Bank Bailouts: Micro-Evidence from Japan

Exploiting the Japanese banking crisis of the 1990s as a laboratory, we investigate the effects of bank bailouts on the supply of credit and on the valuations and the real performance of banks’ clients. Consistent with recent...

Outsourcing Active Ownership in Japan

This paper examines active ownership in Japan by an equity ownership service, Governance for Owners Japan (GOJ). GOJ engages with portfolio companies on behalf of Japanese and international institutional...

The Ownership of Japanese Corporations in the 20th Century

Twentieth century Japan provides a remarkable laboratory for examining how an externally imposed institutional and regulatory intervention affects the ownership of corporations. In the first half of the century, Japan had weak...

Regulatory Measures to Dismantle Pyramidal Business Groups: Evidence from the United States, Japan, Korea and Israel

Large business enterprises, from the railroad barons of nineteenth century America to Amazon and Google today, are often perceived as important for economic performance and, at the same time, as potential abusers of their...

Japan's Paradoxical Response to the New 'Global Standard' in Corporate Governance

Diversity of Shareholder Stewardship in Asia: Faux Convergence

Since the UK adopted the world’s first stewardship code in 2010, stewardship codes have proliferated across Asia. Given the UK Code’s prominence, it is tempting to assume that every other stewardship code preforms the same...

The Poison Pill In Japan: The Missing Infrastructure

Agency Theory in Practice: A Qualitative Study of Hedge Fund Activism in Japan

We look at the reaction to hedge fund activism of managers and shareholders in Japanese firms and explore the implications of our findings for agency theory. We use a qualitative research design which treats the standard...