Are stock market event studies affected by the price range of shares? The Canadian experience
AbstractThis study uses event date methodology to examine whether low priced and high priced shares respond differently to market events. Our results indicate that in response to takeover announcements, low priced shares are more price volatile and unlike higher priced shares decline after the event date. Recognition of share prices should therefore be considered in event studies and in particular when comparing the results of different studies.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Applied Economics Letters.
Volume (Year): 5 (1998)
Issue (Month): 5 ()
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Web page: http://www.tandfonline.com/RAEL20
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- Michael R. King & Maksym Padalko, 2005.
"Pre-Bid Run-Ups Ahead of Canadian Takeovers: How Big Is the Problem?,"
05-3, Bank of Canada.
- 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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