Stock liquidity, firm size and return persistence around mergers and acquisitions announcement
The paper examines market liquidity and size of 396 US firms engaged in mergers and acquisitions (M&A). The announcement-period returns are estimated using Carhart’s four-factor model and estimated using two regression specifications. The results suggest that the return continuation depends...
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| Format: | Article |
| Language: | English |
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LLC "CPC "Business Perspectives"
2019-05-01
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| Series: | Investment Management & Financial Innovations |
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| Online Access: | https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/11983/IMFI_2019_02_Kyei-Mensah.pdf |