Restructuring and Performance among Japanese Firms after Prudential Policy Reform
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After over a decade of sluggish economic growth accompanied by massive fiscalstimulus in the 1990s, it remains an open question whether and how Japanesefirms have restructured their operations, and whether these efforts have borne anyfruit. Using a randomly selected sample of 300 firms from the Tokyo StockExchange, we collect all restructuring announcement in the FY 2000-2001 (April2000-March 2002) period. Our results are striking in that while we find that firmsengaging in restructuring of various sorts display improved earnings in the periodfollowing the restructuring announcement, shareholders do not appear to benefit atthe time of the restructuring announcements.
Abstract
After over a decade of sluggish economic growth accompanied by massive fiscalstimulus in the 1990s, it remains an open question whether and how Japanesefirms have restructured their operations, and whether these efforts have borne anyfruit. Using a randomly selected sample of 300 firms from the Tokyo StockExchange, we collect all restructuring announcement in the FY 2000-2001 (April2000-March 2002) period. Our results are striking in that while we find that firmsengaging in restructuring of various sorts display improved earnings in the periodfollowing the restructuring announcement, shareholders do not appear to benefit atthe time of the restructuring announcements.
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