TESTING THE SEMI-STRONG FORM OF THE EFFICIENT MARKET HYPOTHESIS ON PUBLIC OFFERS FOR ACQUISITION/TAKEOVER IN THE PHARMACEUTICAL AND THE ALUMINIUM SECTORS OF THE ROMANIAN CAPITAL MARKET

Dragos Ioan Minjina and Oana Resceanu
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Dragos Ioan Minjina: Academy of Economic Studies, Bucharest
Oana Resceanu: Academy of Economic Studies, Bucharest

Theoretical and Applied Economics, 2008, vol. 12(517)(supplement), issue 12(517)(supplement), 117-126

Abstract: The efficiency of the capital market is one of the most studied hypotheses, having an important impact, both in financial modelling and real economy. The research paper is focused on the announcements for acquisitions and takeover public offers for companies acting in the pharmaceutical and the aluminium sectors listed on the Romanian capital market. After testing the semi-strong form of the efficient market hypothesis in Romania, using the event studies technique for these announcements, the result was that the capital market in Romania is inefficient.

Keywords: efficiency; event studies; announcement; capital market; public offer. (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:agr:journl:v:12(517)(supplement):y:2008:i:12(517)(supplement):p:117-126

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