The Market for Corporate Control in Japan

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Enrico Colcera

The Market for Corporate Control in Japan M&As, Hostile Takeovers and Regulatory Framework

With 10 Figures

Enrico Colcera

Library of Congress Control Number: 2007928309 ISBN 978-3-540-71587-0 Springer Berlin Heidelberg New York This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable for prosecution under the German Copyright Law. Springer is a part of Springer Science+Business Media springer.com c Springer-Verlag Berlin Heidelberg 2007  The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Typesetting: Integra, India using a Springer LATEX macro package Cover design: WMX Design, Heidelberg in cooperation with Martina Bettin and Enrico Colcera. Printed on acid-free paper

SPIN: 12040810

543210

To my father Gianni and my mother Marzia.

Acknowledgments

I owe a debt of gratitude to many people who helped, with their important and valuable suggestions, to guide me towards the completion of this book, which is based on four years of doctoral research at Kyushu University. I am especially grateful to Professor Michiaki Abe, my Academic Supervisor, and Professor Caslav Pejovic, my General Supervisor, for having consistently provided me with insightful and experienced points of view throughout my academic research. I am indebted to Professor Mark Fenwick, Professor Han Sang Hee, Professor Vogl Stefan, Dr. Steven Van Uytsel, Dan W. Puchniak, and all other distinguished Professors and LL.D. students who attended my CRS, for their advice and constructive criticism that improved my work in various ways. I would like to express also my gratitude to the Japanese Government (Monbukagakusho) for their financial support, which allowed me to study at Kyushu University and to live in Japan. I would particularly like to thank Nagao-san for the punctual assistance received when dealing with administrative matters as a student of this University. Finally, I am particularly indebted to my family, especially to my father, Gianni, and my mother, Marzia, for the generous and loving support I received for all these years of study. Enrico Colcera

Preface

Much has been written about the convergence of the Japanese corporate governance towards the American model, or the so-called “global standard.” Many articles have been written about an emerging takeover market in the country, and about the transplantation of the American Delaware l