Target Firm Abnormal Returns and Trading Volume Around the Initiation of Change in Control Transactions
研究控制权变更交易从非公开启动到首次公开报道期间，目标公司的异常收益、异常交易量和内幕交易情况，发现异常收益始于启动日，而异常交易量始于首次公开信息。
This study examines the average abnormal returns, average abnormal trading volume, and reported insider trading of corporate control target firms during a period of possibly informed trading. This period begins on the unpublicized initiation date (as reported in a postannouncement date proxy statement or 14-D1) and ends on the publication date of the first Wall Street Journal story signalling an impending change in corporate control. We find that the preannouncement date average abnormal return noted by other researchers begins after the unpublicized initiation date of the transaction. We find no evidence of the preannouncement date average abnormal trading volume noted by previous researchers; instead, we find average abnormal volume beginning with the first public information regarding the transaction.