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Takeover Bids and Capital Market Efficiency

In: CNB Financial Stability Report 2006

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  • Jan Hajek
  • Miroslava Jindrova
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    Abstract

    This article deals with the structure and evolution of tender offers, takeover prices and the effects of tender offer announcements in the Czech Republic in 2001-2005. Semi-strong form efficiency is examined by means of the traditional event study methodology. Based on the results it is impossible to prove either semi-strong form efficiency of the Czech stock market or trading based on private information.

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    File URL: http://www.cnb.cz/en/financial_stability/fs_reports/fsr_2006/FSR_2006_article_4.pdf
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    File URL: http://www.cnb.cz/en/financial_stability/fs_research/#thema
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    Bibliographic Info

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    This chapter was published in: Jan Hajek & Miroslava Jindrova CNB Financial Stability Report 2006, , chapter Thematic Article 4, pages 89-98, 2007.

    This item is provided by Czech National Bank, Research Department in its series Occasional Publications - Chapters in Edited Volumes with number fsr06/4.

    Handle: RePEc:cnb:ocpubc:fsr06/4

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