Global ETD Search
Search theses and dissertations gathered from participating repositories worldwide. Every result links back to the library that holds it. No account is needed.
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Showing 1 to 20 of 198 for “"Abnormal Returns"”.
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THE IMPACT OF MANAGERIAL OVERCONFIDENCE AND INVESTOR SENTIMENT ON BIDDERS’ ABNORMAL RETURNS
… infected by hubris fail to generate superior returns than those generated by rational bidders, for all three proxies of overconfidence after controlling for various bidder and deal characteristics. We therefore argue that the well-documented destructive effect upon shareholder wealth of …
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Analysis of Acquirer Abnormal Returns in Listed European Real Estate M&A Transactions
… 27 transactions is examined to analyze acquirer abnormal returns across multiple event windows. Consistent with prior research, the study demonstrates minor and statistically insignificant impacts on bidders’ shareholder returns. Notably, an intriguing pattern emerged when grouping the sub-sample …
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Are South African directors able to earn abnormal returns by trading in their companies shares?
… whether South African directors are able to earn abnormal returns by trading in their companies' shares. An event study methodology was used based on the Capital Asset Pricing Model for director's trades during the period 2009 to 20 12. The results suggest sales transactions are associated with a …
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An Integrative Approach for Examining the Determinants of Abnormal Returns: The Cases of Internet Security Breach and Ecommerce Initiative
… market reaction is assessed based on cumulative abnormal return (sum of abnormal returns over the event window). In this study, the event study methodology is used to assess the impact that two important information technology activities, Internet security breach and ecommerce initiative, have on …
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Christmas in July: How Pension Funding Changes of the 2012 Budget Created a Second Set of Abnormal Returns for Firms
… the value of the firm as reflected in a positive abnormal return (AR). Previous research has analyzed how the market views firm value, reflected in stock price changes, as an event study with evaluation at each of the legislative steps when the bill was passed. This research contributes to the …
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An empirical investigation of the effect of rights issue announcements on share returns and the determinants of abnormal returns on the Kuala Lumpur Stock Exchange
… effect is established, potential determinants of abnormal returns identified by previous empirical work and corporate financial theory are analysed. By examining 70 companies making clean rights issue announcements, this thesis will hopefully shed light on some important issues in long term …
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Two essays on the predictability of asset prices: "Benchmarking problems and long horizon abnormal returns" and, "Low R square in the cross section of expected returns"
… prices. "Benchmarking problems and long horizon abnormal returns" and, "Low R-square in the cross section of expected returns". Long run abnormal returns following Initial Public Offerings (IPOs), Seasoned Equity Offers (SEO) and other firm level events are well documented in the finance …
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The Impact Of Divestitures (Spin-offs And Sell-offs) Announcements On The Share Price Performance Of Parent’s Companies: South African Listed Companies
… from 2006 to 2016. The cumulative average abnormal returns for the parent companies were calculated using the event study methodology over the entire event window. Abnormal returns were calculated using the two-factor APT model approach. The cumulative average abnormal returns significance …
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The impact of firm size and industry on director dealing profitability: evidence from the Johannesburg Stock Exchange
… purpose of this study is to investigate whether abnormal returns are earned on insider trading on the Johannesburg Stock Exchange (JSE). The study first tests the strong form of the Efficient Market Hypothesis by investigating whether abnormal returns are earned by directors purchasing or selling …
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Essays on Fundamental Analysis
… with these accounting fundamentals earn higher abnormal returns than the abnormal returns normally earned by insiders or those from the fundamental analysis strategy. A trading strategy based on the combination of publicly available insider trading and accounting data earns annual abnormal …
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Risk arbitrage trading and the characteristics of arbitrage spreads : the Canadian evidence
… Corporation (SDC) for the 1990-1997 period, and returns data from the TSE Western database, I demonstrate that the average arbitrage spreads of Canadian mergers are significantly higher than those of their American counterparts. The arbitrage spread is defined as the percentage difference between …
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Return Predictability Conditional on the Characteristics of Information Signals
… of information signals can help predict returns that are of economic significance. We use large price changes, public announcements, and large volume increases to proxy for the magnitude, dissemination, and precision of information signals. Abnormal returns following large price change …
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Market Reactions to Dual-class Share Creation and Unification: Evidence from Canada
… from 1980 to2022. Specifically, we analyze abnormal returns, trading volume, liquidity, and institutional ownership changes surrounding these two events. We use the event study methodology to conduct abnormal return analysis on three event days: The Announcement Day (AD), the Approval Day …
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The South African Stock Market Reaction to Mergers and Acquisitions Transaction Attempts
… in South Africa, acquiring firms earn positive abnormal returns for a few days before the transaction is announced for the first time in the market but negative abnormal returns after it is announced that the M&A transaction attempt has been unsuccessful. However, around the first announcement …
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Value creation in evolving information industries : the effects of U.S. mergers
… event study is undertaken to analyze the abnormal returns associated with those mergers. Inconsistent with the general literature, which found slightly negative or zero abnormal returns for the bidders in the short-term, we found some patterns of positive returns. However, consistent with …
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