Hedge fund activism in Japan : the limits of shareholder primacy / John Buchanan, Dominic Heesang Chai, Simon Deakin.
2012
HD2744 .B83 2012 (Map It)
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Details
Author
Title
Hedge fund activism in Japan : the limits of shareholder primacy / John Buchanan, Dominic Heesang Chai, Simon Deakin.
Published
Cambridge : Cambridge University Press, 2012.
Call Number
HD2744 .B83 2012
ISBN
9781107016835 (hardback)
1107016835 (hardback)
1107016835 (hardback)
Description
x, 377 pages : illustrations ; 24 cm
System Control No.
(OCoLC)774147860
Summary
"Hedge fund activism is an expression of shareholder primacy, an idea that has come to dominate discussion of corporate governance theory and practice worldwide over the past two decades. This book provides a thorough examination of public and often confrontational hedge fund activism in Japan in the period between 2001 and the full onset of the global financial crisis in 2008. In Japan this shareholder-centric conception of the company espoused by activist hedge funds clashed with the alternative Japanese conception of the company as an enduring organisation or a 'community'. By analysing this clash, the book derives a fresh view of the practices underpinning corporate governance in Japan and offers suggestions regarding the validity of the shareholder primacy ideas currently at the heart of US and UK beliefs about the purpose of the firm"-- Provided by publisher.
Bibliography, etc. Note
Includes bibliographical references (pages 333-370) and index.
Record Appears in
Added Author
Table of Contents
List of figures
vi
List of tables
vii
Acknowledgements
viii
Note on transcription of Japanese words
x
1.
Introduction: hedge fund activism, Japanese corporate governance, and the nature of the company
1
2.
Perspectives, methods, and data
8
3.
Companies, company law, and corporate governance
20
4.
The rise of shareholder primacy in America and Britain
40
5.
The emergence of activist hedge funds
61
6.
Firm-centric corporate governance: the evolution of the Japanese model
95
7.
Japan's unexpected credentials as a target for hedge fund activism
132
8.
Hedge fund activism in Japan: funds, targets, and outcomes
153
9.
Two turning points: Bull-Dog Sauce and J-Power
212
10.
Responding to activism: managers, investors, officials, and the media
240
11.
`Quiet activism': the future for shareholder engagement in Japan?
282
12.
Conclusions: hedge fund activism, Japanese corporate governance, and shareholder primacy
294
Data appendix
322
Bibliography
333
Index
371