The Evidence on Market Abnormal Returns in Acquisitions on the Warsaw Stock Exchange PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download The Evidence on Market Abnormal Returns in Acquisitions on the Warsaw Stock Exchange PDF full book. Access full book title The Evidence on Market Abnormal Returns in Acquisitions on the Warsaw Stock Exchange by Agnieszka Perepeczo. Download full books in PDF and EPUB format.
Author: Agnieszka Perepeczo
Publisher:
ISBN:
Category :
Languages : en
Pages : 18
Get Book Here
Book Description
The paper provides evidence on abnormal returns performance in acquisitions on the Warsaw Stock Exchange. From a variety of measures, the authors chose the event study methodology, used in developed markets to evaluate post-acquisition performance and based on the market data, and Cumulative Average Abnormal Return (CAAR). The research sample has included acquired (target) firms quoted on the Warsaw Stock Exchange and selected according to the tender offers announcement in 1998-2004 as one of the formal ways of acquisition offer. The research study has focused on short-term abnormal returns (60 days before and 60 days after bid announcement). The evidence leads to the conclusion that positive reaction of investors to bid announcement on Polish market is similar to the reaction of investors on developed markets, and results in positive abnormal return for shareholders of acquired (target) firms. However the results obtained for individual sectors do not allow to draw unambiguous conclusions and indicate that abnormal returns for shareholders of acquired (target) firms are sensitive to the adopted model of evaluation.
Author: Agnieszka Perepeczo
Publisher:
ISBN:
Category :
Languages : en
Pages : 18
Get Book Here
Book Description
The paper provides evidence on abnormal returns performance in acquisitions on the Warsaw Stock Exchange. From a variety of measures, the authors chose the event study methodology, used in developed markets to evaluate post-acquisition performance and based on the market data, and Cumulative Average Abnormal Return (CAAR). The research sample has included acquired (target) firms quoted on the Warsaw Stock Exchange and selected according to the tender offers announcement in 1998-2004 as one of the formal ways of acquisition offer. The research study has focused on short-term abnormal returns (60 days before and 60 days after bid announcement). The evidence leads to the conclusion that positive reaction of investors to bid announcement on Polish market is similar to the reaction of investors on developed markets, and results in positive abnormal return for shareholders of acquired (target) firms. However the results obtained for individual sectors do not allow to draw unambiguous conclusions and indicate that abnormal returns for shareholders of acquired (target) firms are sensitive to the adopted model of evaluation.
Author: Alex Lipnick
Publisher:
ISBN:
Category : Acqusitions (Businesses)
Languages : en
Pages : 60
Get Book Here
Book Description
This research project will attempt to determine three components of systematic abnormal returns after the announcement of the merger or acquisition of a technology firm by another technology firm.
Author: Greg N. Gregoriou
Publisher: Elsevier
ISBN: 008054732X
Category : Business & Economics
Languages : en
Pages : 321
Get Book Here
Book Description
It is now a well-know fact that mergers and acquisitions activity comes in waves. The most recent wave, the 5th takeover wave of the 1990s, was characterized by an unprecedented number of corporate restructurings in terms of mergers and acquisitions (M&As), public-to-private transactions, spin-offs and divestitures, and leveraged recapitalizations. Following the collapse of the stock market in March 2000, M&A activity slumped dramatically, but this pause ended in the second half of 2004 when takeover deals occurred again quite frequently. Indeed, some observers wonder whether the 6th takeover wave has started. The takeover wave in the 1990s was particularly remarkable in terms of size and geographical dispersion. For the first time, Continental European firms were as eager to participate as their US and UK counterparts, and M&A activity in Europe hit levels similar to those experienced in the US. Due to its financial impact and the unprecedented activity in Continental Europe, the 5th takeover wave of the 1990s and recent takeover activity (in biotech, utilities, pharmaceuticals) have triggered a great deal of interesting academic research. This volume brings together a selection of insightful papers. An impressive group of international authors address the following themes: takeover regulation; the cyclical pattern of the M&A markets and probable causes and effects; methods to determine the performance of success of M&A actions; cross border deals; means of payment and its effects; studies of hostile bids; high leverage takeovers and delistings.*A selection of the best and latest quantitative research on M&A activity worldwide*Impressive collection of international authors*Provides important insights and implications for practitioners
Author: Tim Jenkinson
Publisher: Oxford University Press, USA
ISBN: 9780198295990
Category : Business & Economics
Languages : en
Pages : 264
Get Book Here
Book Description
Going Public investigates why companies routinely underprice themselves as they try to list themselves on the stock exchange. They subsequently underperform over the long-term and, in Going Public, the authors explore these 2 phenomena in plain English.
Author: Leonard Zacks
Publisher: John Wiley & Sons
ISBN: 1118127765
Category : Business & Economics
Languages : en
Pages : 352
Get Book Here
Book Description
Investment pioneer Len Zacks presents the latest academic research on how to beat the market using equity anomalies The Handbook of Equity Market Anomalies organizes and summarizes research carried out by hundreds of finance and accounting professors over the last twenty years to identify and measure equity market inefficiencies and provides self-directed individual investors with a framework for incorporating the results of this research into their own investment processes. Edited by Len Zacks, CEO of Zacks Investment Research, and written by leading professors who have performed groundbreaking research on specific anomalies, this book succinctly summarizes the most important anomalies that savvy investors have used for decades to beat the market. Some of the anomalies addressed include the accrual anomaly, net stock anomalies, fundamental anomalies, estimate revisions, changes in and levels of broker recommendations, earnings-per-share surprises, insider trading, price momentum and technical analysis, value and size anomalies, and several seasonal anomalies. This reliable resource also provides insights on how to best use the various anomalies in both market neutral and in long investor portfolios. A treasure trove of investment research and wisdom, the book will save you literally thousands of hours by distilling the essence of twenty years of academic research into eleven clear chapters and providing the framework and conviction to develop market-beating strategies. Strips the academic jargon from the research and highlights the actual returns generated by the anomalies, and documented in the academic literature Provides a theoretical framework within which to understand the concepts of risk adjusted returns and market inefficiencies Anomalies are selected by Len Zacks, a pioneer in the field of investing As the founder of Zacks Investment Research, Len Zacks pioneered the concept of the earnings-per-share surprise in 1982 and developed the Zacks Rank, one of the first anomaly-based stock selection tools. Today, his firm manages U.S. equities for individual and institutional investors and provides investment software and investment data to all types of investors. Now, with his new book, he shows you what it takes to build a quant process to outperform an index based on academically documented market inefficiencies and anomalies.
Author:
Publisher: CEPS
ISBN: 9290796588
Category :
Languages : en
Pages : 94
Get Book Here
Book Description
Author: Terry A Marsh
Publisher: Legare Street Press
ISBN: 9781018157917
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Author: Donald MacKenzie
Publisher: MIT Press
ISBN: 0262250047
Category : Technology & Engineering
Languages : en
Pages : 782
Get Book Here
Book Description
In An Engine, Not a Camera, Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These new, Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes. Paraphrasing Milton Friedman, MacKenzie says that economic models are an engine of inquiry rather than a camera to reproduce empirical facts. More than that, the emergence of an authoritative theory of financial markets altered those markets fundamentally. For example, in 1970, there was almost no trading in financial derivatives such as "futures." By June of 2004, derivatives contracts totaling $273 trillion were outstanding worldwide. MacKenzie suggests that this growth could never have happened without the development of theories that gave derivatives legitimacy and explained their complexities. MacKenzie examines the role played by finance theory in the two most serious crises to hit the world's financial markets in recent years: the stock market crash of 1987 and the market turmoil that engulfed the hedge fund Long-Term Capital Management in 1998. He also looks at finance theory that is somewhat beyond the mainstream—chaos theorist Benoit Mandelbrot's model of "wild" randomness. MacKenzie's pioneering work in the social studies of finance will interest anyone who wants to understand how America's financial markets have grown into their current form.
Author: Tomas Kliestik
Publisher: MDPI
ISBN: 3036505369
Category : Business & Economics
Languages : en
Pages : 164
Get Book Here
Book Description
The purpose of the Special Issue “Quantitative Methods in Economics and Finance” of the journal Risks was to provide a collection of papers that reflect the latest research and problems of pricing complex derivates, simulation pricing, analysis of financial markets, and volatility of exchange rates in the international context. This book can be used as a reference for academicians and researchers who would like to discuss and introduce new developments in the field of quantitative methods in economics and finance and explore applications of quantitative methods in other business areas.
Author: Waldemar Tarczyński
Publisher: Springer
ISBN: 3030212742
Category : Business & Economics
Languages : en
Pages : 510
Get Book Here
Book Description
This proceedings volume presents current research and innovative solutions into capital markets, particularly in Poland. Featuring contributions presented at the 10th Capital Market Effective Investments (CMEI 2018) conference held in Międzyzdroje, Poland, this book explores the future of capital markets in Poland as well as comparing it with the capital markets of other developed regions around the world. Divided into four parts, the enclosed papers provide a background into the theoretical foundations of capital market investments, explores different approaches—both classical and contemporary—to investment decision making, analyzes the behaviors of investors using experimental economics and behavioral finance, and explores practical issues related to financial market investments, including real case studies. In addition, each part of the book begins with an introductory chapter written by thematic editors that provides an outline of the subject area and a summary of the papers presented.
