Preliminary Evidence on Takeover Target Returns in Spain: A Note
测量1990-1994年西班牙收购目标公司的股价回报，发现目标股东在公告期获得显著异常回报，但公告前一年初期无显著异常，仅在公告前两个月有显著上升。
This paper measures the share price returns to Spanish takeover targets over the period 1990 to 1994. Using several estimation and testing methods, we show that target shareholders gain significant abnormal returns in the announcement period. In the first part of the year before the announcement period, firms that become targets do not show significant abnormal returns, though there is some significant upturn in the two months before the bid.