haku: @author Aktas, N. / yhteensä: 2
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| Tekijä: | Aktas, N. Bodt, E. De Levasseur, M. |
| Otsikko: | Heterogeneity effects from market interventions |
| Lehti: | European Journal of Finance
2004 : OCT, VOL. 10:5, p. 412-436 |
| Asiasana: | Event Studies |
| Vapaa asiasana: | Abnormal returns Event studies Flow of information (G)ARCH GARCH |
| Kieli: | eng |
| Tiivistelmä: | The aim of this article is to test whether the European Commission activities generate a heterogeneity effect on the merging parties. A sample of 74 companies involved in 45 contested merger and acquisition operations during the years 1990 to 1999 is used. The methodology is based on the GARCH framework. The main thing is that, globally, the DGC interventions seem not to reduce significantly the heterogeneity among investors, expect for the operations where it takes strong decisions like prohibition. In these cases, the signal coming from the DGC encompasses valuable information and is well understood by market participants. |
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