The Effect of a Merger on the Share Price of the Attacker, Revisited

Evaluation of Post-Merger Performance of Public Listed Companies in the UK

“…The results on all three payments are consistent with findings of Barnes (1984) [2], Gregory (1997) [17], Sudarsanam [25], Holl [20] and Salami (1996) and Sudarsanam, and Mahate (2003).Their empirical evidence illustrate that pure cash payment experience greater abnormal returns than stock exchange payment, which is opporsite to Dodds and Quek(1985)'s findings 9].…”

“…The CARs difference of the two event window suggest the inefficiency of stock market, the conclusion is consist with Barnes (1984) [2] , Dodds and Quel (1985) [9] and Limmack [22] (1991), and Firth (1980) [11] conclude differently, where newly information coming to the market take time to have effect on the stock market.…”

“…Bidders, however, earn small and insignificant positive return, or small and insignificant negative returns (Sudarsanam, 2003) [25]. Barnes (1984)'s [2] results also show negative and insignificant returns on month zero.…”

The regulation of insider dealing in the UK: some empirical evidence concerning share prices, merger bids and bidders' advising merchant banks

“…For example, Franks et al (1977) report abnormal gains' in share prices of target ® rms amounting to 26% on average over the ® ve months up to the o er date. Other UK studies are Firth (1976Firth ( , 1979Firth ( , 1980; Barnes (1984); Dodds and Quek (1985); Franks and Harris (1989); Limmack (1991). Their detailed statistical results are not summarized here as they are reasonably similar both in their overall ® ndings and methodologies.…”

A test of the news model of stock price determination in an emerging market: the case of Kuwait

“…Barnes (1984) examined post-merger stock price performance, concluding that merger news was generally considered as 'good news'. He also documented significant price drops in the longer term.…”