1: Similar to Sarbanes-Oxley Act of 2002, Japanese Corporate Governance Code took effect in June 2015. Why would you believe the top executives in Japan become more ethical based on the recent legislation with respect to the composition of board of directors? Justify the rationale of Japanese top managers with respect to their sociocultural, political, and legal factors.

2: Research a hostile takeover of an acquired firm in the recent five years, and examine the long-term impact on the stock market performance of the acquiring firm in the post-acquisition era. Why was the takeover beneficial or harmful for the previous shareholders of the acquired firm? How about the previous shareholders of the acquiring firm?