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| Tekijä: | Kryzanowski, L. Lazrak, S. |
| Otsikko: | Trading activity, trade costs and informed trading for acquisition targets and acquirers |
| Lehti: | European Journal of Finance
2007 : JUL/SEP, VOL. 13:5-6, p. 405-439 |
| Asiasana: | financial markets stock exchanges listed companies tender offers trading costs liquidity asymmetric information volatility |
| Kieli: | eng |
| Tiivistelmä: | This paper examines microstructure effects of tender offer (hereafter as: t-ofr./t-ofrs.) acquisitions on targets and acquirers differentiated by listing venue (as: l-vn./l-vns.) and payment method. Based on a sample of NASDAQ and NYSE listed firms, it is found that target trading activity intensifies on announcement (as: ancmt.) of the t-ofr. for both l-vns. Liquidity also improves on ancmt. as both quoted and effective spreads fall, and quoted depth and average trading values increase. Both buyer- and seller-initiated trades increase, and the increase in the latter is higher for targets than acquirers on ancmt. In addition, there are more results reported in detail. |
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