Selected Essays in Empirical Asset Pricing [electronic resource] : Information Incorporation at the Single-Firm, Industry and Cross-Industry Level /
Funke, Christian.author.
Financial researchers extensively discuss the efficiency of capital markets and the existence of possible misreactions in the information incorporation process. Christian Funke aims at developing a better understanding of a central asset pricing issue: the stock price discovery process in capital markets. He provides new evidence on the information incorporation process at the single-firm, industry, and cross-industry level. In three essays that display original empirical research using U.S. capital market data, he investigates the importance of mergers and acquisitions (M&A) for stock prices and examines economic links between customers and supplier firms. Return predictability at the single-firm, industry, and cross-industry level are documented which support the view of behavioral finance researchers that capital markets are not perfectly efficient.
Description based upon print version of record.
Includes bibliographical references.
Information Signaling and Competitive Effects of M&A: Long-Term Performance of Rival Companies -- Predictability of Industry Returns After M&A Announcements -- Predictability of Supplier Returns After Large Customer Price Changes -- Conclusion.
Financial researchers extensively discuss the efficiency of capital markets and the existence of possible misreactions in the information incorporation process. Christian Funke aims at developing a better understanding of a central asset pricing issue: the stock price discovery process in capital markets. He provides new evidence on the information incorporation process at the single-firm, industry, and cross-industry level. In three essays that display original empirical research using U.S. capital market data, he investigates the importance of mergers and acquisitions (M&A) for stock prices and examines economic links between customers and supplier firms. Return predictability at the single-firm, industry, and cross-industry level are documented which support the view of behavioral finance researchers that capital markets are not perfectly efficient.
Public finance.
Finance.
Public Economics.
Finance, general.