Mergers and takeovers in Spain: empirical evidence on abnormal returns and insider trading

Oscar Ocaña Pérez de Tudela and M. Dolores Robles Fernandez

DEE - Working Papers. Business Economics. WB from Universidad Carlos III de Madrid. Departamento de Economía de la Empresa

Abstract: This paper aims to the measurement of returns on takeovers on firms listed in the Spanish stock market in the period 1990 to 1993. Using several estimation and testing methods, abnormal positive returns are found for the targets. Some evidence of insider trading is presented and itsı implications for market regulation are addressed.

Keywords: Takeovers; Abnormal; residuals; Market; model (search for similar items in EconPapers)
Date: 1994-07
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:cte:wbrepe:7079

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