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The measurement of the market’s reaction to merger announcements
This paper measures the capital markets’ reaction to merger announcements within the announcement month using the sample of 37 mergers from USA. Research findings indicate that targets earn positive average abnormal returns ...
Merger announcements and market efficiency: do markets predict synergetic gains from mergers properly?
This paper examines whether market evaluates merger announcements in a reasonable way based on their effect on fundamental value using a sample of 37 mergers from U.S. industries completed within 1992-1997. For this purpose, ...