01693cas a2200241 a 4500 AALejournalIMF022332 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451874402 1018-5941 BD-DhAAL BD-DhAAL Chan-Lau, Jorge. Corporate Restructuring in Japan : An Event-Study Analysis / Jorge Chan-Lau. Washington, D.C. : International Monetary Fund, 2001. 1 online resource (15 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2001/202 Full text available on IMF http://elibrary.imf.org/view/journals/001/2001/202/001.2001.issue-202-en.xml IMF e-Library