Merger momentum and investor sentiment
Subtitle: the stock market reaction to merger announcements
By: Richard J. Rosen.
Series: Working paper series ;; WP-2004-07; Working paper series (Federal Reserve Bank of Chicago. Research Dept. : Online) ;; WP-2004-07.
Publisher: Federal Reserve Bank of Chicago
Published: 2004
Place of publication: [Chicago, Ill.]
Language: eng
Format: Electronic resource
Description: "This paper examines the effects of mergers on bidding firms' stock prices.  We find evidence of merger momentum: bidder stock prices are more likely to increase when a merger is announced if recent mergers by other firms have been received well (a 'hot' merger market) or if the overall stock market is doing better.  However, there is long run reversal.  Long-run bidder stock returns are lower for mergers announced when the either merger or stock markets were hot at the time of the merger than for those announced at other times"--Federal Reserve Bank of Chicago web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 9/29/2004.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.