Conflicts of interest between banks and firms: Evidence from Japanese mergers

摘要: Abstract This paper assesses conflicts of interest between banks and their client firms via the merger transaction by examining wealth gain acquirers who were listed on Tokyo Stock Exchange in 1990–2004. The reports two main findings. First, acquiring did not from acquisitions. Second, with stronger bank ties experienced larger loss than those weaker ties. These results are consistent hypothesis that played a conflicted role mergers during examination period.