Preliminary evidence on takeover target returns in Spain: A note

Article Abstract:

The impact of mergers and takeovers on stock prices in small or emerging markets are examined using several estimation and testing methods. The study analyzed a sample of 71 target companies and 32 bidders in Spain over the period 1990 to 1994. The findings indicate that shareholders of the target company gain considerable abnormal returns in the merger announcement period, but not in first part of the year prior to this period. There is a marked increase in share price returns in the two months before a bid is announced.

Securities Exchanges, Acquisitions and mergers, Exchanges, Securities, Spain

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Intraday returns and the day-end effect: evidence from the Hong Kong equity market

Article Abstract:

A study of the behavior of the Stock Exchange of Hong Kong (SEHK) from Apr. 1986 to Dec. 1990 reveals that the day-end effect observed in the US also exists in another exchange and another country. Its findings therefore establish that the day-end effect is not exclusively the product of the idiosyncracies of the American securities markets. The Hong Kong evidence indicates that the market corrects the large and positive day-end returns at the opening of the next trading day.

Stock Exchange of Hong Kong Ltd.

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The Bayesian random coefficient market model in event studies: the case of earnings announcements

Article Abstract:

A significant correlation exists between alpha and beta changes and unexpected earnings changes during the event periods around earnings announcements. This indicates that abnormal returns during these event periods are overestimated in the traditional constant parameter market model. This was gleaned from an analysis of the information content of quarterly earnings announcements using the Bayesian estimators for random alpha and beta market model.

Analysis, Usage, Bayesian statistical decision theory, Bayesian analysis, Earnings per share

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