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Investor inattention and the market reaction to merger announcements / Henock Louis in Management science, Vol. 56 N° 10 (Octobre 2010) 

Public ISBD [article]  in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1781-1793 Titre : Investor inattention and the market reaction to merger announcements Type de document : texte imprimé Auteurs : Henock Louis, Auteur ; Amy Sun, Auteur Année de publication : 2010 Article en page(s) : pp. 1781-1793 Note générale : Management Langues : Anglais (eng) Mots-clés : Investor  inattention  Merger  announcements  Market  efficiency Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Prior studies suggest that investors have limited attention. Tests of the inattention hypothesis have been performed in the context of relatively small corporate events, particularly earnings announcements. Presumably, large corporate events would always attract sufficient investor attention. However, we find evidence indicating that inattention affects investors' information processing even in the context of one of the largest and most important corporate events—merger announcements. More specifically, consistent with the notion that investors are less attentive to Friday announcements, we find that the market reaction to Friday stock swap announcements is muted, as evidenced by lower acquirers' merger announcement abnormal trading volumes and less pronounced acquirers' merger announcement abnormal stock returns. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1781 [article] Investor inattention and the market reaction to merger announcements [texte imprimé] / Henock Louis, Auteur ; Amy Sun, Auteur . - 2010 . - pp. 1781-1793. Management Langues : Anglais (eng) in Management science > Vol. 56 N° 10 (Octobre 2010) . - pp. 1781-1793 Mots-clés : Investor  inattention  Merger  announcements  Market  efficiency Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Prior studies suggest that investors have limited attention. Tests of the inattention hypothesis have been performed in the context of relatively small corporate events, particularly earnings announcements. Presumably, large corporate events would always attract sufficient investor attention. However, we find evidence indicating that inattention affects investors' information processing even in the context of one of the largest and most important corporate events—merger announcements. More specifically, consistent with the notion that investors are less attentive to Friday announcements, we find that the market reaction to Friday stock swap announcements is muted, as evidenced by lower acquirers' merger announcement abnormal trading volumes and less pronounced acquirers' merger announcement abnormal stock returns. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/10/1781