先日AIBで発表した論文が「Advances in Mergers and Acquisitions (volume 17)」に収録されて(Chapter 3) 出版されます。


We are big fans of the paper by Katsuhiko Shimizu and Daisuke Uchida, for two reasons. First, the question they ask is novel and important in the context of M&As: Are announcements of M&A budgets by Japanese firms (a common practice in Japan) an indicator of strategic intent or a method of managing impressions and reducing information asymmetry? And second, as they review several case studies and draw out relevant research propositions, they produce a model of M&A budget announcements that could be the basis of considerable empirical inquiry, a new direction for research on M&As.