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| Tekijä: | Jakobsen, J. B. Voetmann, T. |
| Otsikko: | Post-acquisition performance in the short and long run: evidence from the Copenhagen Stock Exchange 1993-1997 |
| Lehti: | European Journal of Finance
2003 : AUG, VOL. 9:4, p. 323-342 |
| Asiasana: | Mergers Performance appraisal Stock exchanges Denmark |
| Kieli: | eng |
| Tiivistelmä: | The authors investigate the short-run price adjustment around acquisition announcements and the long-run upward bias of cross-sectional average buy-and-hold returns. The geometric Brownian motion model is applied to decompose the cross-sectional average lon-run returns into transformed mean and volatility components. The most surprising finding is that the long-run abnormal return after three years is not significantly different from zero. |
SCIMA