In Brief: Equity Carve-outs in Tokyo - FEDERAL RESERVE BANK of NEW YORK

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Quarterly Review

In Brief: Equity Carve-outs in Tokyo

Winter 1991Volume 15, Number 3-4

Author: Ted Fikre

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.

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5 pages / 422 kb

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