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Preliminary Evidence on Takeover Target Returns in Spain: A Note

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  • Carlos Ocaña
  • J. Ignacio Peña
  • Doloros Robles

Abstract

This paper measures the share price returns to Spanish takeover targets over the period 1990 to 1994. Using several estimation and testing methods, we show that target shareholders gain significant abnormal returns in the announcement period. In the first part of the year before the announcement period, firms that become targets do not show significant abnormal returns, though there is some significant upturn in the two months before the bid.

Suggested Citation

  • Carlos Ocaña & J. Ignacio Peña & Doloros Robles, 1997. "Preliminary Evidence on Takeover Target Returns in Spain: A Note," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 24(1), pages 145-153, January.
    • Handle: RePEc:bla:jbfnac:v:24:y:1997:i:1:p:145-153
    DOI: 10.1111/1468-5957.00099
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