TY - BOOK ID - 84538600 TI - Corporate Restructuring in Japan : An Event-Study Analysis PY - 2001 SN - 1462345638 1452713715 1282391844 9786613820273 1451918984 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Banks and Banking KW - Corporate Finance KW - Labor KW - Macroeconomics KW - Corporate Governance KW - Price Level KW - Inflation KW - Deflation KW - Corporate Finance and Governance: Government Policy and Regulation KW - Labor Force and Employment, Size, and Structure KW - Corporate Finance and Governance: General KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - Corporate governance KW - role & responsibilities of boards & directors KW - Labour KW - income economics KW - Ownership & organization of enterprises KW - Banking KW - Asset prices KW - Labor force KW - Corporate sector KW - Commercial banks KW - Prices KW - Economic sectors KW - Financial institutions KW - Labor market KW - Business enterprises KW - Banks and banking KW - Japan UR - https://www.unicat.be/uniCat?func=search&query=sysid:84538600 AB - The implementation of the Commercial Rehabilitation Law (CRL) on April 1, 2000 was considered a key event in setting up the official infrastructure supporting corporate restructuring in Japan. This study evaluates the stock price impact of restructuring announcements before and after the CRL implementation using event-study analysis. Following the CRL implementation, the results suggest an improvement in market credibility of restructuring announcements based on improvements in disclosure, mergers, and to a lesser extent, labor force reductions. In contrast, credibility of restructuring announcements aimed at reducing excess capital deteriorated. ER -