Merger announcements, asymmetrical information, and trading volume: an empirical investigation

Article Abstract:

Stock trading volume is shown to increase significantly before an initial public announcement of an intended merger or prior to the first mention of a rumor of a possible merger in the Wall Street Journal. The Cumulative Average Volume Residual rose to a level equal to more than 25% of total shares outstanding prior to the announcement and an additional 75% of the total shares outstanding 30 days after. These results confirm the existence of an asymmetric information distribution before the first public merger announcement.

Models, Analysis, Evaluation, Stocks, Acquisitions and mergers, Options (Finance), Valuation

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Determinants of underwriter participation in initial public offerings of common stock: An empirical study

Article Abstract:

A study of determinants of underwriter participation in common stock initial public offerings, is presented.

Stocks & Other Equity Securities, Research, Tender offers (Securities), Tender offers

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