“…Thus, we examine the different market response to Friday and non-Friday all-cash acquisition announcements. In addition, as previous studies focussing on the Spanish market have confirmed the limited investor attention to the acquisition announcements of unlisted companies (Farin os et al, 2020(Farin os et al, , 2021, we differentiate between listed and unlisted companies. As we have pointed out above, we employ all-cash acquisitions because overwhelming prior evidence has shown that, on average, investors react positively and significantly to those involving privately owned targets (Martynova and Renneboog, 2011;Farin os et al, 2017Farin os et al, , 2020.…”