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Journal Article
In brief economic capsules: equity carve-outs in Tokyo
The author examines the pricing of U.S. subsidiaries and U.S. joint ventures "carved out" and taken public on the Tokyo stock market in recent years. In comparing the price-earnings multiples obtained by the carve-outs with the contemporaneous multiples of their parent companies, he offers some perspective on the broader pricing discrepancy between the Japanese and U.S. markets in the late 1980s.