http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
THE PRICE REACTION OF RIVAL ADR FIRMS TO ACQUISITION ANNOUNCEMENTS FOR U.S. FIRMS
Dave Jackson,Joan Wiggenhorn 사람과세계경영학회 2003 Global Business and Finance Review Vol.8 No.1
This study examines the intra-industry effect of acquisition announcements from 1980-1999 and finds that the effect on rival ADRs is different than previously found for U.S. firms. The cumulative abnormal return (CAR) for the two-clay announcement window (-1.0) is a statistically significant -0.54% while U.S. firms generally have positive abnormal announcement returns. Cross-sectional regression analysis shows that subsequent acquisition announcements in the same industry have a positive stock-price impact for ADR rivals and that European firms have a greater positive response than non-European firms do.