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Takeover Bids and Capital Market Efficiency

In: CNB Financial Stability Report 2006


  • Jan Hajek
  • Miroslava Jindrova


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.

Suggested Citation

  • Jan Hajek & Miroslava Jindrova, 2007. "Takeover Bids and Capital Market Efficiency," Occasional Publications - Chapters in Edited Volumes,in: CNB Financial Stability Report 2006, chapter 0, pages 89-98 Czech National Bank, Research Department.
  • Handle: RePEc:cnb:ocpubc:fsr06/4

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