Identifying Stock Market Reactions to Acquisition Announcements in Taiwan Land Auction

Jin-Ray Lu and Chih-Chiang Hwang

Asian Economic and Financial Review, 2015, vol. 5, issue 8, 1014-1028

Abstract: This paper examines the market reactions to acquisition announcements in Taiwan land auctions. Empirical evidence shows that successful bidders can enjoy significant positive abnormal returns as a result of land auction events. Specifically, successful acquisitions in Taiwan land auction have an intra-industry contagion effect. The land size and the market atmosphere before the auction events benefit the stock market reactions.

Keywords: Abnormal return; Land acquisition; Auction; Market reactions; Intra-industry contagion effect; Market atmosphere. (search for similar items in EconPapers)
Date: 2015
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