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Pre-bid price run-ups and insider trading activity: Evidence from Canadian acquisitions

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  • Jabbour, Alain R.
  • Jalilvand, Abolhassan
  • Switzer, Jeannette A.

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  • 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.
  • Handle: RePEc:eee:finana:v:9:y:2000:i:1:p:21-43
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    References listed on IDEAS

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    1. Eyssell, Thomas H & Arshadi, Nasser, 1993. "Insiders, Outsiders, or Trend Chasers?: An Investigation of Pre-takeover Transactions in the Shares of Target Firms," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 16(1), pages 49-59, Spring.
    2. Seyhun, H Nejat, 1990. "Do Bidder Managers Knowingly Pay Too Much for Target Firms?," The Journal of Business, University of Chicago Press, vol. 63(4), pages 439-464, October.
    3. Schwert, G. William, 1996. "Markup pricing in mergers and acquisitions," Journal of Financial Economics, Elsevier, vol. 41(2), pages 153-192, June.
    4. Keown, Arthur J & Pinkerton, John M, 1981. "Merger Announcements and Insider Trading Activity: An Empirical Investigation," Journal of Finance, American Finance Association, vol. 36(4), pages 855-869, September.
    5. Cowan, Arnold R. & Nayar, Nandkumar & Singh, Ajai K., 1990. "Stock Returns before and after Calls of Convertible Bonds," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 25(04), pages 549-554, December.
    6. Sanders, Ralph W. & Zdanowicz, John S., 1992. "Target Firm Abnormal Returns and Trading Volume around the Initiation of Change in Control Transactions," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 27(01), pages 109-129, March.
    7. Givoly, Dan & Palmon, Dan, 1985. "Insider Trading and the Exploitation of Inside Information: Some Empirical Evidence," The Journal of Business, University of Chicago Press, vol. 58(1), pages 69-87, January.
    8. Jennings, Robert, 1994. "Intraday Changes in Target Firms' Share Price and Bid-Ask Quotes around Takeover Announcements," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 17(2), pages 255-270, Summer.
    9. Meulbroek, Lisa K, 1992. " An Empirical Analysis of Illegal Insider Trading," Journal of Finance, American Finance Association, vol. 47(5), pages 1661-1699, December.
    10. Calvet, A L & Lefoll, J, 1987. "Information Asymmetry and Wealth Effect of Canadian Corporate Acquisitions," The Financial Review, Eastern Finance Association, vol. 22(4), pages 415-431, November.
    11. Mikkelson, Wayne H. & Partch, M. Megan, 1986. "Valuation effects of security offerings and the issuance process," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 31-60.
    12. Lee, Moon H & Bishara, Halim, 1989. "Recent Canadian Experience on the Profitability of Insider Trades," The Financial Review, Eastern Finance Association, vol. 24(2), pages 235-249, May.
    13. Jarrell, Gregg A & Poulsen, Annette B, 1989. "Stock Trading before the Announcement of Tender Offers: Insider Trading or Market Anticipation?," Journal of Law, Economics, and Organization, Oxford University Press, vol. 5(2), pages 225-248, Fall.
    14. Nasser Arshadi & Thomas H. Eyssell, 1991. "Regulatory Deterrence and Registered Insider Trading: The Case of Tender Offers," Financial Management, Financial Management Association, vol. 20(2), Summer.
    15. Lee, Moon H. & Bishara, Halim, 1985. "Securities regulation and market efficiency," International Review of Law and Economics, Elsevier, vol. 5(2), pages 247-254, December.
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    Citations

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    Cited by:

    1. 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.
    2. Aktas, Nihat & de Bodt, Eric & Declerck, Fany & Van Oppens, Herve, 2007. "The PIN anomaly around M&A announcements," Journal of Financial Markets, Elsevier, vol. 10(2), pages 169-191, May.
    3. Chirkova, Elena & Petrov, Vladislav, 2015. "The Diagnosis of the Insider Trading During the Conflict of Shareholders of “VimpelCom” in 2005-2013," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 2, pages 151-173.
    4. Michael R. King & Dan Segal, 2004. "International Cross-Listing and the Bonding Hypothesis," Staff Working Papers 04-17, Bank of Canada.
    5. repec:eee:reveco:v:51:y:2017:i:c:p:174-192 is not listed on IDEAS
    6. 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.
    7. Inga Chira & Jeff Madura, 2013. "Impact Of The Galleon Case On Informed Trading Before Merger Announcements," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 36(3), pages 325-346, September.
    8. Adrian Pop & Diana Pop, 2014. "How fair are the fair price standards in blockholder regimes?," Working Papers hal-01076722, HAL.
    9. Rodrigues, Bruno Dore & Souza, Reinaldo Castro & Stevenson, Maxwell J., 2012. "An analysis of intraday market behaviour before takeover announcements," International Review of Financial Analysis, Elsevier, vol. 21(C), pages 23-32.
    10. repec:eee:ecofin:v:42:y:2017:i:c:p:1-19 is not listed on IDEAS

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