search query: @author Keown, A. J. / total: 12
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| Author: | Keown, A. J. Pinkerton, J. M. Bolster, P. J. |
| Title: | Merger announcements, asymmetrical information, and trading volume. |
| Journal: | Journal of Business Finance and Accounting
1992 : NOV, VOL. 19:6, p. 901-910 |
| Index terms: | MERGERS ASYMMETRIC INFORMATION TRADING VOLUMES EMPIRICAL RESEARCH |
| Language: | eng |
| Abstract: | Trading volume prior to the initial public announcement of an intended merger or prior to the first mention in the Wall Street Journal of a possible merger was examined. In the period prior to announcement date the Cumulative Average Volume Residual (CAVR) climbed to a level equal to over 25 percent of total shares outstanding. In the 30-day period subsequent to the announcement date the CAVR climbed an additional 75 percent of the total shares outstanding. These results are consistent with the existence of an asymmetric information distribution prior to the initial public merger announcement. |
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