Kyushu University Academic Staff Educational and Research Activities Database
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Minoru Otsubo Last modified date:2019.05.11



Graduate School


E-Mail
Academic Degree
Doctor of Economics
Field of Specialization
Corporate finance
Outline Activities
I focus on a firm group in Japan which includes pure holding company, a relationship between a parent firm and the listed subsidiaries, and joint ventures. In addition, I have investigated corporate restructuring such as M&A and divestiture.
Research
Research Interests
  • Pure Holding Company
    keyword : spin-offs, Company-Form, Internal Capital Market, Divestiture
    1998.04~2005.03.
  • Corporate Group
    keyword : Listing Subsidiary, Parent Company, Stock Swap
    2005.04~2012.12.
  • Equity Alliance

    keyword : Joint Venture, Reciprocal Holdings, Private Placement
    2013.10.
Academic Activities
Papers
1. Minoru Otsubo, Why do firms underwrite private placement shares of other firms? Case of Japanese firms, Pacific Basin Finance Journal, 41, 75-92, 2017.02.
2. Minoru Otsubo, Value Creation from Financing in Equity Carve-outs: Evidence from Japan, Journal of Economics and Business, 68, 52-69, 2013.07, [URL].
3. Minoru Otsubo, Gains from Equity Carve-Outs and Subsequent Events, Journal of Business Research, 62, 1207-1213, 2009.11.
Presentations
1. 大坪 稔, Why do firms underwrite private placement shares of other firms? Case of Japanese firms, The 29th Australiasian Finance & Banking Coference, 2016.12, This paper focuses on listed firms as underwriters of private placement shares in Japan, and investigates why they underwrite equity of other firms through private placements. In private placements, underwriting firms cannot necessarily enhance their shareholders’ wealth, unlike the case of issuing firms, because they must incur costs associated with financial support through underwriting. However, they can enhance wealth when they acquire the control rights of issuing firms with a plan of business alliances after private placements. This result indicates that underwriting firms underwrite other firms’ private placements to obtain a synergistic effect after acquisition of the control right..
2. 大坪 稔, Why do firms underwrite private placement shares of other firms? Case of Japanese firms, The eleventh RUC-Kyudai-NJU Joint Conference, 2016.11, This paper focuses on listed firms as underwriters of private placement shares in Japan, and investigates why they underwrite equity of other firms through private placements. In private placements, underwriting firms cannot necessarily enhance their shareholders’ wealth, unlike the case of issuing firms, because they must incur costs associated with financial support through underwriting. However, they can enhance wealth when they acquire the control rights of issuing firms with a plan of business alliances after private placements. This result indicates that underwriting firms underwrite other firms’ private placements to obtain a synergistic effect after acquisition of the control right..
3. Minoru Otsubo, Market Reactions of Joint Ventures and Subsequent Changes: Evidence from Japan, SIBR-Thammasat Conference on Interdisciplinary Business & Economic Research, 2014.06, This study examines whether the benefits of joint ventures (JVs) depend on the investment methods of their parent firms and subsequent changes made to the JVs. I investigate the relationship among investment methods, subsequent changes, and stock market reactions. The empirical results show that investment methods affect wealth enhancement when JVs change but not when they are formed. This result demonstrates the benefits of pursuing a combination of JVs formed by a particular investment method and then changing the JVs..
4. Minoru Otsubo, Types of Joint Ventures and the Termination: Evidence from Japan , Global Business and Finance Research Conference, 2013.10, [URL], This paper focuses on the investment methods parent companies use to form joint ventures (JVs) and investigates the mutual relationship between those investment methods and JV stability. This study finds that factors such as parents' percentage ownership of JVs and their duration of ownership in JVs vary with investment method. This study also finds that how JVs terminate differs with investment method. This suggests that investment methods affect JV stability. Third, the study finds that when one parent contributes financial capital and another parent contributes assets to a JV in the same industry, the parent that contributes the financial capital is more likely to acquire the JV later. In addition, parent companies owning more than 50% of their JVs tend to acquire 100% of those JVs regardless of investment method..
Membership in Academic Society
  • Business Analysis Association
  • Nippon Finance Association
  • Society for the Economic Studies of Securities
  • Japan Academy of Business Administration
  • Japan Finance Association
  • Kyushu Association of Economic Science
Educational
Educational Activities
Undergraduate course: Management II, Managerial policy, Managerial seminar
Graduate course : Managerial policy I, II, Senior Management