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Some Empirical Evidence on the Relationship Between Acquisitions, Disposals and the Stock Market

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  • Bogdan Cernat-Gruici

    ()
    (Bucharest Academy of Economic Studies, Romania)

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    Abstract

    Based on empirical studies and theoretical evidence the paper investigates the relationship between inward and outward acquisitions and disposals in the UK and the UK stock market described by the FTSE all-share index. By using the Granger causality test for both the numbers and value of acquisitions and disposals the research results suggest that for the market and period considered, one way relationships are present.

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    File URL: http://www.rejournal.eu/sites/rejournal.versatech.ro/files/articole/2014-06-10/2580/je33-bogdancernat-gruici.pdf
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    Bibliographic Info

    Article provided by Department of International Business and Economics from the Academy of Economic Studies Bucharest in its journal Romanian Economic Journal.

    Volume (Year): 12 (2009)
    Issue (Month): 33 ((3))
    Pages: 3-22

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    Handle: RePEc:rej:journl:v:12:y:2009:i:33:p:3-22

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    Related research

    Keywords: inward and outward acquisitions; disposals; granger causality; stock market index;

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    References

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    1. Martynova, Marina & Renneboog, Luc, 2008. "A century of corporate takeovers: What have we learned and where do we stand?," Journal of Banking & Finance, Elsevier, vol. 32(10), pages 2148-2177, October.
    2. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, vol. 37(3), pages 424-38, July.
    3. Guerard, John Jr., 1989. "Mergers, stock prices, and industrial production : Further evidence," Economics Letters, Elsevier, vol. 30(2), pages 161-164, August.
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