Publication: Mergers and takeovers in Spain: empirical evidence on abnormal returns and insider trading
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1994-07
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Abstract
This paper aims to the measurement of returns on takeovers on firms listed in the Spanish stock market in the period 1990 to 1993. Using several estimation and testing methods, abnormal positive returns are found for the targets. Some evidence of insider trading is presented and itsı implications for market regulation are addressed.
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Takeovers, Abnormal residuals, Market model