| Author: | Holland, K. Hodgkinson, L. |
| Title: | The pre-announcement share price behavior of UK takeover targets |
| Journal: | Journal of Business Finance and Accounting
1994 : JUN, VOL. 21:4, p. 467-490 |
| Index terms: | UNITED KINGDOM MERGERS SHARE PRICES |
| Language: | eng |
| Abstract: | This paper examines the sources of pre-bid announcement abnormal returns (ARs) accruing to target companies' shareholders. To control for publicly available information, targets are classified as either identified or unidentified. The paper finds that prior disclosure of bid related information does give rise to pre-bid ARs. For identified targets there is no evidence that these ARs arise from trading on unpublished price sensitive information. |
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