'Abnormal returns' diaporamas de présentation

Mergers and Acquisitions

Mergers and Acquisitions. Mergers and Acquisitions. Agenda Definition Overview Types Motives Process Valuation Methods of payment Codes of conduct. Mergers and Acquisitions. Definition of Merger

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Mergers and Acquisitions

Mergers and Acquisitions. Mergers and Acquisitions. Agenda Definition Overview Types Motives Process Valuation Methods of payment Codes of conduct. Mergers and Acquisitions. Definition of Merger

1.85k views • 54 slides

Efficient Capital Markets

Efficient Capital Markets. Efficient Capital Markets. Questions to be answered: Definition for efficient capital markets Why should capital markets be efficient? Three sub-hypotheses of efficient capital market and implications for investment if efficiency is violated

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Market Efficiency

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Prepared by Arabella Volkov University of Southern Queensland

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Introduction

Changes in Equity Returns and Volatility across Different Australian Industries Following the Recent Terrorist Attacks. Co-Authors. Dr. Vikash Ramiah Cam Marie-Anne Michael Calabro David Maher Shahab Ghafouri. 1. Introduction. 2. Data & Methods. Research Assistants. Jason Lont

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Chapter Ten

Chapter Ten. Investments in Special Situations. Learning Objectives. 1. Understand the potential for abnormal returns in special investment situations. 2. Explain how abnormal returns might occur.

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R&D-Intensity, Mispricing, and Stock Returns in Taiwan Stock Market

R&D-Intensity, Mispricing, and Stock Returns in Taiwan Stock Market. Literatures review: properties of high R&D-intensive firms.

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How Efficient Is the Market?

How Efficient Is the Market?. Efficient Market Hypothesis (EMH) Random Walk Hypothesis Forms of EMH Implications of EMH Predictability Anomalies Professional Management. Efficient Market Hypothesis. Definition

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Risk, Return and Market Efficiency

Risk, Return and Market Efficiency. For 9.220, Term 1, 2002/03 02_Lecture16.ppt Student Version. Outline. Introduction Types of Efficiency Informational Efficiency Forms of Informational Efficiency and Empirical Evidence Implications of Informational Efficiency on Security Price Changes

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Foreign Exchange Theory

Foreign Exchange Theory. Session 2 Introduction to Derivatives II. Derivatives an Evil?. Creates excessive volatility in the underlying market. Derivatives are too risky. Many firms face large losses as a result of derivatives. Corporate Losses (examples).

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Applied Research in Financial Reporting: Text and Cases

Applied Research in Financial Reporting: Text and Cases . Chapter 5 Issue-Based Accounting Research. Chapter issues. A General Framework for Applied Accounting Research Contemporary Accounting Research Models Focus on Capital Markets Research Models in this Chapter.

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Event Studies

Event Studies. Event Study. An event study is designed to examine market reactions to, and abnormal returns around specific information-imparting events. These events can be market-wide or firm-specific

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Joint Ventures, Partnerships, Strategic Alliances, and Licensing

Joint Ventures, Partnerships, Strategic Alliances, and Licensing. Business Alliances as Alternatives to M&As. Business alliances are vehicles for implementing business strategies Business alliances may be informal agreements or highly complex legal structures. Typically short term

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The Impact of Merger Announcements on Stock P rices: The Application of Event-Study Analysis to a Historical Issue

The Impact of Merger Announcements on Stock P rices: The Application of Event-Study Analysis to a Historical Issue. Discussion held on 26 th April 2003 Economics and Business Historical Society Conference Gerhard Kling Department of Economics University of Tuebingen. I. T. R.

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Zafeira Kastrinaki EC Competition Enforcement Data ACLE, 10-11 April, 2008 Amsterdam

Does EC balances efficiency gains against anti-competitive effects? A Preliminarily Empirical Evaluation. Zafeira Kastrinaki EC Competition Enforcement Data ACLE, 10-11 April, 2008 Amsterdam. Motivation.

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How to Do Research in Finance By Cheng-few Lee

How to Do Research in Finance By Cheng-few Lee. Chair Professor and Director of the Graduate Institute of Finance, National Chiao Tung University Distinguished Professor of Finance, Rutgers University Editor, Review of Quantitative Finance and Accounting

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Average return to acquirers and targets by transferring assets to each other are different

Average return to acquirers and targets by transferring assets to each other are different Often return to acquirer is none but shareholders have some amount by holding different period from announcement date Capron & Pistre , 2002.

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