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Pre-bid price run-ups and insider trading activity: Evidence from Canadian acquisitions

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  • Jabbour, Alain R.
  • Jalilvand, Abolhassan
  • Switzer, Jeannette A.
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    File URL: http://www.sciencedirect.com/science/article/B6W4W-4183J4M-3/2/57cce8dc8a630c854982183091935661
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    Bibliographic Info

    Article provided by Elsevier in its journal International Review of Financial Analysis.

    Volume (Year): 9 (2000)
    Issue (Month): 1 (February)
    Pages: 21-43

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    Handle: RePEc:eee:finana:v:9:y:2000:i:1:p:21-43

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    Web page: http://www.elsevier.com/locate/inca/620166

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Calvet, A L & Lefoll, J, 1987. "Information Asymmetry and Wealth Effect of Canadian Corporate Acquisitions," The Financial Review, Eastern Finance Association, vol. 22(4), pages 415-31, November.
    2. Schwert, G.W., 1994. "Mark-up Pricing in Mergers and Acquisitions," Papers 95-01, Rochester, Business - Financial Research and Policy Studies.
    3. Mikkelson, Wayne H. & Partch, M. Megan, 1986. "Valuation effects of security offerings and the issuance process," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 31-60.
    4. Nasser Arshadi & Thomas H. Eyssell, 1991. "Regulatory Deterrence and Registered Insider Trading: The Case of Tender Offers," Financial Management, Financial Management Association, vol. 20(2), Summer.
    5. Keown, Arthur J & Pinkerton, John M, 1981. "Merger Announcements and Insider Trading Activity: An Empirical Investigation," Journal of Finance, American Finance Association, vol. 36(4), pages 855-69, September.
    6. Jarrell, Gregg A & Poulsen, Annette B, 1989. "Stock Trading before the Announcement of Tender Offers: Insider Trading or Market Anticipation?," Journal of Law, Economics and Organization, Oxford University Press, vol. 5(2), pages 225-48, Fall.
    7. Jennings, Robert, 1994. "Intraday Changes in Target Firms' Share Price and Bid-Ask Quotes around Takeover Announcements," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 17(2), pages 255-70, Summer.
    8. Lee, Moon H & Bishara, Halim, 1989. "Recent Canadian Experience on the Profitability of Insider Trades," The Financial Review, Eastern Finance Association, vol. 24(2), pages 235-49, May.
    9. Seyhun, H Nejat, 1990. "Do Bidder Managers Knowingly Pay Too Much for Target Firms?," The Journal of Business, University of Chicago Press, vol. 63(4), pages 439-64, October.
    10. Cowan, Arnold R. & Nayar, Nandkumar & Singh, Ajai K., 1990. "Stock Returns before and after Calls of Convertible Bonds," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 25(04), pages 549-554, December.
    11. Sanders, Ralph W. & Zdanowicz, John S., 1992. "Target Firm Abnormal Returns and Trading Volume around the Initiation of Change in Control Transactions," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 27(01), pages 109-129, March.
    12. Meulbroek, Lisa K, 1992. " An Empirical Analysis of Illegal Insider Trading," Journal of Finance, American Finance Association, vol. 47(5), pages 1661-99, December.
    13. Thomas H. Eyssell & Nasser Arshadi, 1993. "Insiders, Outsiders, Or Trend Chasers?: An Investigation Of Pre-Takeover Transactions In The Shares Of Target Firms," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 16(1), pages 49-59, 03.
    14. Givoly, Dan & Palmon, Dan, 1985. "Insider Trading and the Exploitation of Inside Information: Some Empirical Evidence," The Journal of Business, University of Chicago Press, vol. 58(1), pages 69-87, January.
    15. Lee, Moon H. & Bishara, Halim, 1985. "Securities regulation and market efficiency," International Review of Law and Economics, Elsevier, vol. 5(2), pages 247-254, December.
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    Cited by:
    1. Michael R. King & Dan Segal, 2004. "International Cross-Listing and the Bonding Hypothesis," Working Papers 04-17, Bank of Canada.
    2. Rodrigues, Bruno Dore & Souza, Reinaldo Castro & Stevenson, Maxwell J., 2012. "An analysis of intraday market behaviour before takeover announcements," International Review of Financial Analysis, Elsevier, vol. 21(C), pages 23-32.
    3. Madura, Jeff & Marciniak, Marek, 2014. "Bidder country characteristics and informed trading in U.S. targets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 29(C), pages 256-284.
    4. Michael R. King, 2009. "Prebid Run-Ups Ahead of Canadian Takeovers: How Big Is the Problem?," Financial Management, Financial Management Association International, vol. 38(4), pages 699-726, December.

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