Takeover Bids and Capital Market Efficiency

Jan Hajek and Miroslava Jindrova

Chapter Thematic Article 4 in CNB Financial Stability Report 2006, 2007, pp 89-98 from Czech National Bank, Research and Statistics Department

Abstract: This article deals with the structure and evolution of tender offers, takeover prices and the effects of tender offer announcements in the Czech Republic in 2001-2005. Semi-strong form efficiency is examined by means of the traditional event study methodology. Based on the results it is impossible to prove either semi-strong form efficiency of the Czech stock market or trading based on private information.

Date: 2007
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