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Stock Trading before the Announcement of Tender Offers: Insider Trading or Market Anticipation?

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Cited by:

  1. Karen Croxson & J. James Reade, 2014. "Information and Efficiency: Goal Arrival in Soccer Betting," Economic Journal, Royal Economic Society, vol. 124(575), pages 62-91, March.
  2. Acharya, Viral V. & Johnson, Timothy C., 2010. "More insiders, more insider trading: Evidence from private-equity buyouts," Journal of Financial Economics, Elsevier, vol. 98(3), pages 500-523, December.
  3. Qin Lei & Xuewu Wang, 2014. "Time†Varying Liquidity Trading, Private Information and Insider Trading," European Financial Management, European Financial Management Association, vol. 20(2), pages 321-351, March.
  4. Arnold, Tom & Erwin, Gayle & Nail, Lance & Nixon, Terry, 2006. "Do option markets substitute for stock markets? Evidence from trading on anticipated tender offer announcements," International Review of Financial Analysis, Elsevier, vol. 15(3), pages 247-255.
  5. Anup Agrawal & Mark A. Chen, 2008. "Do Analyst Conflicts Matter? Evidence from Stock Recommendations," Journal of Law and Economics, University of Chicago Press, vol. 51(3), pages 503-537, August.
  6. 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.
  7. Dean Katselas & Baljit K. Sidhu & Chuan Yu, 2021. "Liquidity and information asymmetry around unscheduled mining announcements," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(2), pages 3053-3087, June.
  8. Arturo Bris, 2005. "Do Insider Trading Laws Work?," European Financial Management, European Financial Management Association, vol. 11(3), pages 267-312, June.
  9. Styliani Panetsidou & Angelos Synapis & Ioannis Tsalavoutas, 2022. "Price run-ups and insider trading laws under different regulatory environments," Review of Quantitative Finance and Accounting, Springer, vol. 59(2), pages 601-639, August.
  10. Leszek Czerwonka, 2011. "Announcement Of The Exchange Ratio Of The Merging Companies - Impact On The Acquiring Firms "," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice (1954-2015), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 58, pages 83-90, november.
  11. Nadia Linciano, 2003. "The Effectiveness of Insider Trading Regulation in Italy. Evidence from Stock-Price Run-Ups Around Announcements of Corporate Control Transactions," European Journal of Law and Economics, Springer, vol. 16(2), pages 199-218, September.
  12. Francesca Cornelli & David D. Li, "undated". "Risk Arbitrage in Takeovers," Rodney L. White Center for Financial Research Working Papers 17-98, Wharton School Rodney L. White Center for Financial Research.
  13. Cornelli, Francesca & Li, David Daokui, 1998. "Risk Arbitrage in Takeovers," CEPR Discussion Papers 2026, C.E.P.R. Discussion Papers.
  14. Heitzman, Shane, 2011. "Equity grants to target CEOs during deal negotiations," Journal of Financial Economics, Elsevier, vol. 102(2), pages 251-271.
  15. 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.
  16. Ordu, Umut & Schweizer, Denis, 2015. "Executive compensation and informed trading in acquiring firms around merger announcements," Journal of Banking & Finance, Elsevier, vol. 55(C), pages 260-280.
  17. Cotter, James F. & Shivdasani, Anil & Zenner, Marc, 1997. "Do independent directors enhance target shareholder wealth during tender offers?," Journal of Financial Economics, Elsevier, vol. 43(2), pages 195-218, February.
  18. Pop, Diana, 2006. "M&A market in transition economies: Evidence from Romania," Emerging Markets Review, Elsevier, vol. 7(3), pages 244-260, September.
  19. Cumming, Douglas & Dannhauser, Robert & Johan, Sofia, 2015. "Financial market misconduct and agency conflicts: A synthesis and future directions," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 150-168.
  20. Jeremy Bulow & Ming Huang & Paul Klemperer, 1999. "Toeholds and Takeovers," Journal of Political Economy, University of Chicago Press, vol. 107(3), pages 427-454, June.
  21. Olivier Rousse & Benoît Sévi, 2017. "Informed Trading in Oil-Futures Market," Working Papers hal-01460186, HAL.
  22. Estrada, Javier & Peña, Juan Ignacio, 1995. "Empirical evidence on the impact of European insider trading regulations," DEE - Working Papers. Business Economics. WB 7068, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
  23. Christopher Groening & Vamsi K. Kanuri, 2018. "Investor Reactions to Concurrent Positive and Negative Stakeholder News," Journal of Business Ethics, Springer, vol. 149(4), pages 833-856, June.
  24. Tunyi, Abongeh A., 2021. "Revisiting acquirer returns: Evidence from unanticipated deals," Journal of Corporate Finance, Elsevier, vol. 66(C).
  25. Utz Weitzel & Gerhard Kling, 2018. "Sold Below Value? Why Takeover Offers Can Have Negative Premiums," Financial Management, Financial Management Association International, vol. 47(2), pages 421-450, June.
  26. Rousse, Olivier & Sévi, Benoît, 2016. "Informed Trading in Oil-Futures Market," ESP: Energy Scenarios and Policy 249788, Fondazione Eni Enrico Mattei (FEEM).
  27. Timothy A. Kruse & Kazunori Suzuki, 2016. "The impact of changes in Japanese tender offer regulations on bidder behavior and shareholder gains," Working Papers halshs-01643926, HAL.
  28. Weitzel, Utz & Kling, Gerhard, 2012. "Sold below value? Why some targets accept very low and even negative takeover premiums," MPRA Paper 42832, University Library of Munich, Germany.
  29. Fabio Braggion & Lyndon Moore, 2013. "How insiders traded before rules," Business History, Taylor & Francis Journals, vol. 55(4), pages 565-584, June.
  30. Clements, Marcus & Singh, Harminder, 2011. "An analysis of trading in target stocks before successful takeover announcements," Journal of Multinational Financial Management, Elsevier, vol. 21(1), pages 1-17, February.
  31. David Ettinger, 2009. "Takeover Contests, Toeholds and Deterrence," Scandinavian Journal of Economics, Wiley Blackwell, vol. 111(1), pages 103-124, March.
  32. Jindra, Jan & Walkling, Ralph A., 2004. "Speculation spreads and the market pricing of proposed acquisitions," Journal of Corporate Finance, Elsevier, vol. 10(4), pages 495-526, September.
  33. Martin Bugeja & Vinay Patel & Terry Walter, 2015. "The microstructure of Australian takeover announcements," Australian Journal of Management, Australian School of Business, vol. 40(1), pages 161-188, February.
  34. Bris, Arturo, 2002. "Toeholds, takeover premium, and the probability of being acquired," Journal of Corporate Finance, Elsevier, vol. 8(3), pages 227-253, July.
  35. Asem, Ebenezer, 2022. "Are dividend changes exploited in the equity market?," The Quarterly Review of Economics and Finance, Elsevier, vol. 85(C), pages 125-133.
  36. Kawaura, Akihiko & La Croix, Sumner J, 1995. "Japan's Shift from Process to Product Patents in the Pharmaceutical Industry: An Event Study of the Impact on Japanese Firms," Economic Inquiry, Western Economic Association International, vol. 33(1), pages 88-103, January.
  37. ATM Adnan, 2018. "Home vs. Cross-Border Takeovers: Is There Any Difference in Investor Perception?," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2018(2), pages 59-84.
  38. Adel BOUBAKER & Mediha MEZHOUD, 2012. "Impact Of Internal Governance Mechanisms On The Ipo Long Term Performance," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 10, pages 129-146, December.
  39. Yuan Gao & Derek Oler, 2012. "Rumors and pre-announcement trading: why sell target stocks before acquisition announcements?," Review of Quantitative Finance and Accounting, Springer, vol. 39(4), pages 485-508, November.
  40. Peter M. Clarkson & Allen Craswell & Prue Mackenzie, 2008. "The Effect of Board Independence on Target Shareholder Wealth," Australian Accounting Review, CPA Australia, vol. 18(2), pages 135-148, June.
  41. McAdam, Chris, 2020. "Are investors compensated for their sophistication and informedness for company takeovers – An Australian study," Global Finance Journal, Elsevier, vol. 44(C).
  42. Schwert, G. William, 1996. "Markup pricing in mergers and acquisitions," Journal of Financial Economics, Elsevier, vol. 41(2), pages 153-192, June.
  43. Kazunori Suzuki, 2015. "Estimating Private Benefits of Control from Stock Price Changes Around the Announcement of Tender Offer Bid (TOB)," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 11(3), pages 411-426, July.
  44. Betzer, André & Gider, Jasmin & Limbach, Peter, 2022. "Do financial advisors matter for M&A pre-announcement returns?," CFR Working Papers 22-03, University of Cologne, Centre for Financial Research (CFR).
  45. Michaelides, Alexander & Nishiotis, George & Milidonis, Andreas & Papakyriacou, Panayiotis, 2012. "Sovereign Debt Rating Changes and the Stock Market," CEPR Discussion Papers 8743, C.E.P.R. Discussion Papers.
  46. Hossain, Md Miran & Javakhadze, David, 2020. "Corporate media connections and merger outcomes," Journal of Corporate Finance, Elsevier, vol. 65(C).
  47. Aleksanyan, Mark & Danbolt, Jo & Siganos, Antonios & Wu, Betty (H.T.), 2022. "I only fear when I hear: How media affects insider trading in takeover targets," Journal of Empirical Finance, Elsevier, vol. 67(C), pages 318-342.
  48. Kabir, Rezaul & Vermaelen, Theo, 1996. "Insider trading restrictions and the stock market: Evidence from the Amsterdam Stock Exchange," European Economic Review, Elsevier, vol. 40(8), pages 1591-1603, November.
  49. Fich, Eliezer M. & Harford, Jarrad & Tran, Anh L., 2015. "Motivated monitors: The importance of institutional investors׳ portfolio weights," Journal of Financial Economics, Elsevier, vol. 118(1), pages 21-48.
  50. Christian Fieberg & Kerstin Lopatta & Thomas Tammen & Sebastian A. Tideman, 2021. "Political affinity and investors' response to the acquisition premium in cross‐border M&A transactions — A moderation analysis," Strategic Management Journal, Wiley Blackwell, vol. 42(13), pages 2477-2492, December.
  51. Sandra Betton & B. Espen Eckbo & Rex Thompson & Karin S. Thorburn, 2014. "Merger Negotiations with Stock Market Feedback," Journal of Finance, American Finance Association, vol. 69(4), pages 1705-1745, August.
  52. Choy, Siu Kai & Wei, Jason, 2012. "Option trading: Information or differences of opinion?," Journal of Banking & Finance, Elsevier, vol. 36(8), pages 2299-2322.
  53. Siganos, Antonios, 2019. "The daylight saving time anomaly in relation to firms targeted for mergers," Journal of Banking & Finance, Elsevier, vol. 105(C), pages 36-43.
  54. Asquith, Daniel & Kieschnick, Robert, 1999. "An Examination of Initial Shareholdings in Tender Offer Bids," Review of Quantitative Finance and Accounting, Springer, vol. 12(2), pages 171-188, March.
  55. Billett, Matthew T. & Ryngaert, Mike, 1997. "Capital structure, asset structure and equity takeover premiums in cash tender offers," Journal of Corporate Finance, Elsevier, vol. 3(2), pages 141-165, April.
  56. Wright, Calvin & Swidler, Steve, 2023. "Abnormal trading volume, news and market efficiency: Evidence from the Jamaica Stock Exchange," Research in International Business and Finance, Elsevier, vol. 64(C).
  57. Igor Semenenko, 2019. "Rumor Mill and Merger Waves: Analysis of Aggregate Market Activity," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 9(2), pages 1-5.
  58. Ahern, Kenneth R., 2017. "Information networks: Evidence from illegal insider trading tips," Journal of Financial Economics, Elsevier, vol. 125(1), pages 26-47.
  59. Ajeyo Banerjee & E. Woodrow Eckard, 2001. "Why Regulate Insider Trading? Evidence from the First Great Merger Wave (1897-1903)," American Economic Review, American Economic Association, vol. 91(5), pages 1329-1349, December.
  60. Shangkun Deng & Chenguang Wang & Zhe Fu & Mingyue Wang, 2021. "An Intelligent System for Insider Trading Identification in Chinese Security Market," Computational Economics, Springer;Society for Computational Economics, vol. 57(2), pages 593-616, February.
  61. Arturo Bris, 1998. "When Do Bidders Purchase a Toehold? Theory and Tests," Yale School of Management Working Papers ysm107, Yale School of Management, revised 01 Aug 2000.
  62. Lindqvist, Tobias, 2005. "Acquisiton Strategies: Empirical Evidence of Outsider-Toeholds," Working Paper Series 634, Research Institute of Industrial Economics.
  63. Catherine A. Maritan & Margaret A. Peteraf, 2008. "Frontiers of strategic management research: introduction to the special issue," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 29(2-3), pages 71-77.
  64. Agrawal, Anup & Nasser, Tareque, 2012. "Insider trading in takeover targets," Journal of Corporate Finance, Elsevier, vol. 18(3), pages 598-625.
  65. Chirkova, Elena (Чиркова, Елена) & Petrov, Vladislav (Петров, Владислав), 2015. "The Diagnosis of the Insider Trading During the Conflict of Shareholders of “VimpelCom” in 2005-2013 [Диагностирование Инсайдерской Торговли В Период Конфликта Акционеров Оао «Вымпелком» В 2005—201," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 2, pages 151-173.
  66. Sara Fisher Ellison & Wallace P. Mullin, 1997. "Gradual Incorporation of Information into Stock Prices: Empirical Strategies," NBER Working Papers 6218, National Bureau of Economic Research, Inc.
  67. Patrick Augustin & Menachem Brenner & Marti G. Subrahmanyam, 2019. "Informed Options Trading Prior to Takeover Announcements: Insider Trading?," Management Science, INFORMS, vol. 65(12), pages 5697-5720, December.
  68. Arturo Bris, 1998. "When Do Bidders Purchase a Toehold? Theory and Tests," Yale School of Management Working Papers ysm107, Yale School of Management, revised 01 Aug 2000.
  69. Böhmer, Ekkehart & Löffler, Yvonne, 1997. "Kursrelevante Ereignisse bei Unternehmensübernahmen: Eine empirische Analyse des deutschen Kapitalmarktes," SFB 373 Discussion Papers 1997,73, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  70. Jabbour, Alain R. & Jalilvand, Abolhassan & Switzer, Jeannette A., 2000. "Pre-bid price run-ups and insider trading activity: Evidence from Canadian acquisitions," International Review of Financial Analysis, Elsevier, vol. 9(1), pages 21-43, February.
  71. Denis, David J. & Xu, Jin, 2013. "Insider trading restrictions and top executive compensation," Journal of Accounting and Economics, Elsevier, vol. 56(1), pages 91-112.
  72. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2015. "Exchange trading rules, surveillance and suspected insider trading," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 311-330.
  73. Tugce Karatas & Ali Hirsa, 2021. "Predicting Status of Pre and Post M&A Deals Using Machine Learning and Deep Learning Techniques," Papers 2110.09315, arXiv.org.
  74. Chou, Hsin-I & Li, Baibing & Yin, Xiangkang & Zhao, Jing, 2017. "Variables in dollar terms versus in rate terms: The case of market feedback on merger negotiations," International Review of Financial Analysis, Elsevier, vol. 49(C), pages 138-145.
  75. Sarah Osborne, 2020. "Abnormal returns and asymmetric information surrounding strategic and financial acquisitions," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(4), pages 3991-4030, December.
  76. Alexis Cellier & Pierre Chollet & Jean†François Gajewski, 2016. "Do Investors Trade around Social Rating Announcements?," European Financial Management, European Financial Management Association, vol. 22(3), pages 484-515, June.
  77. Jandik, Tomas & Makhija, Anil K., 2005. "The Impact of the Structure of Debt on Target Gains," Working Paper Series 2005-5, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  78. Ekkehart Böhmer & Yvonne Löffler, 1999. "Kursrelevante Ereignisse bei Unternehmensübernahmen: Eine empirische Analyse des deutschen Kapitalmarktes," Schmalenbach Journal of Business Research, Springer, vol. 51(4), pages 299-324, April.
  79. Podolski, Edward J. & Truong, Cameron & Veeraraghavan, Madhu, 2013. "Informed options trading prior to takeovers – Does the regulatory environment matter?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 27(C), pages 286-305.
  80. Boone, Audra L. & Mulherin, J. Harold, 2011. "Do private equity consortiums facilitate collusion in takeover bidding?," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1475-1495.
  81. Chao Ying, 2020. "The Pre-FOMC Announcement Drift and Private Information: Kyle Meets Macro-Finance," 2020 Papers pyi149, Job Market Papers.
  82. Chou, Hsin-I & Tian, Gloria Y. & Yin, Xiangkang, 2015. "Takeover rumors: Returns and pricing of rumored targets," International Review of Financial Analysis, Elsevier, vol. 41(C), pages 13-27.
  83. Gider, Jasmin, 2014. "Do SEC Detections Deter Insider Trading? Evidence from Earnings Announcements," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100343, Verein für Socialpolitik / German Economic Association.
  84. Morresi, Ottorino & Pezzi, Alberto, 2011. "21 years of international M&As and joint ventures by Italian medium-sized listed firms: Value creation or value destruction?," Research in International Business and Finance, Elsevier, vol. 25(1), pages 75-87, January.
  85. Maloney, Michael T. & Mulherin, J. Harold, 2003. "The complexity of price discovery in an efficient market: the stock market reaction to the Challenger crash," Journal of Corporate Finance, Elsevier, vol. 9(4), pages 453-479, September.
  86. Eckbo, B. Espen, 2009. "Bidding strategies and takeover premiums: A review," Journal of Corporate Finance, Elsevier, vol. 15(1), pages 149-178, February.
  87. Guidi, Marco & Sogiakas, Vasilios & Vagenas-Nanos, Evangelos & Verwijmeren, Patrick, 2020. "Spreading the sin: An empirical assessment from corporate takeovers," International Review of Financial Analysis, Elsevier, vol. 71(C).
  88. Laurel Franzen & Xu Li & Oktay Urcan & Mark E. Vargus, 2014. "The Market Response To Insider Sales Of Restricted Stock Versus Unrestricted Stock," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 37(1), pages 99-118, February.
  89. Marie Dutordoir & Evangelos Vagenas‐Nanos & Patrick Verwijmeren & Betty Wu, 2021. "A rundown of merger target run‐ups," Financial Management, Financial Management Association International, vol. 50(2), pages 487-518, June.
  90. repec:dau:papers:123456789/5449 is not listed on IDEAS
  91. Kedia, Simi & Zhou, Xing, 2014. "Informed trading around acquisitions: Evidence from corporate bonds," Journal of Financial Markets, Elsevier, vol. 18(C), pages 182-205.
  92. Emanuele Bajo, 2010. "The Information Content of Abnormal Trading Volume," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(7‐8), pages 950-978, July.
  93. Fabio C. Bagliano & Carlo A. Favero & Giovanna Nicodano, 2011. "Insider Trading, Traded Volume and Returns," Working papers 26, Former Department of Economics and Public Finance "G. Prato", University of Torino.
  94. Antonio Roma, 2022. "Is the value effect due to M&A deals? Evidence from the Italian stock market," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 51(1), February.
  95. Burch, Timothy R., 2001. "Locking out rival bidders: The use of lockup options in corporate mergers," Journal of Financial Economics, Elsevier, vol. 60(1), pages 103-141, April.
  96. Tomas Jandik & Anil K. Makhija, 2005. "Leverage and the Complexity of Takeovers," The Financial Review, Eastern Finance Association, vol. 40(1), pages 95-112, February.
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