Merger Announcements, Financial Performance and Stock Price: A Test of Market Efficiency

Can investors earn above-normal risk-adjusted returns by acting on public information defined by merger announcements? This study tests the effect of a sample of 14 merger announcements on stock price returns using the risk-adjusted event-study methodology. Results show that an investor is not able...

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Veröffentlicht in:	The journal of applied business and economics 2022-08, Vol.24 (4), p.215-225
Hauptverfasser:	Bacon, Frank W, Cagigas, Guillermo Jiménez
Format:	Artikel
Sprache:	eng
Schlagworte:	Acquisitions & mergers Cash flow Divestiture Efficiency Efficient markets Hypotheses Insider trading Investments Power Random walk theory Stockholders
Online-Zugang:	Volltext
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