Event Study Analysis

The number of mergers and acquisitions (M&A) in emerging markets is growing at a rapid pace partly as a result of their usefulness as a corporate tool to pursue strategic growth. In this study, we investigate abnormal returns to shareholders of bidder firms around the day of M&A announcement for ten emerging Asian markets: China, India,

The number of mergers and acquisitions (M&A) in emerging markets is growing at a rapid pace partly as a result of their usefulness as a corporate tool to pursue strategic growth. In this study, we investigate abnormal returns to shareholders of bidder firms around the day of M&A announcement for ten emerging Asian markets: China, India,

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 its implications for market regulation are addressed.

The objective of this paper was to verify the interrelationships between the stock returns of 33 Brazilian companies that make up the São Paulo Stock Exchange Index (IBOVESPA), from January 2006 to June 2018, using the principal components analysis (PCA), applied on the residuals of the VAR-GARCH model. In general, the results of this study revealed the presence of interrelation between the stock returns which compose the IBOVESPA, and that the interdependence and the correlation pattern vary over time, which can directly impact the investment decisions of economic and financial agents, especially concerning the diversification of their asset portfolios.

This paper presents a study of 157 dividend announcements made by 40 companies listed in the Bahrain Bourse and an examination of the relationship between dividend announcements and the stock market. The study lasted from 2004 to 2013, and the results indicate that investors have gained cumulative abnormal returns that average at 2.29 percent within the 30-day periods before and after the dividend announcement. Moreover, the findings have revealed that investors gained approximately 0.45 percent of the market value on all stocks that had increasing dividends; therefore, it can be reasonably concluded that, when announced to the public, dividend increases promote a positive message about a company’s future growth and the promise of sustained cash flow. Alternatively, it could be seen as the Bahrain Bourse is inefficient in a semi-strong form. The study further highlights that abnormal returns gained by investors tend to vary across sectors. In general, the findings of this study fail...

This paper attempts to measure the reaction of investors toward the Merger and Acquisition (M&A) announcements by all listed banks on Bahrain Bourse. Thirty different announcements are considered from 2005 to 2017. Event study is employed and results show that the investors gained on average 0.54% cumulative abnormal return (CAR) on the announcement date and lost 2.81% over 60 days around the announcement day. Separating the sample into Islamic and conventional banks, the investors gained 6.14% cumulative average abnormal returns (CAAR) from the Islamic banks while lost 13.03% from the conventional banks. Findings also point out that the investors lost 6.44% when the announcement was by the target banks compared to a loss of only 0.99% by the acquirer banks. The paper concludes that Bahrain Bourse is not efficient in the semi-strong form and there is a scope for abnormal profits for the investors.

Traditional financial market-based analyses of the anticipated effects of policy changes have only ever been retrospective. In this study, we provide an example to illustrate how prediction markets enable markets to be used to estimate policy effects in the future. In this article, we use an event study approach to empirically study the effect of Nancy Pelosi's visit to Taiwan on stock indices performance in the Asia-Pacific region, the United States, and selected indices in Europe. The observed window comprises 10 days post the Nancy Pelosi's visit, and the estimation window consists of 150 days before the event date. We found that the effect of visit has not been significant on the stock indices except Hong-Kong and China that too for very short-term. Our analysis enables us to identify how not all the news would be having an impact on stock indices. The investment community and academics can predict stock return behaviour and the dynamics of the first two minutes during crises by observing how stock return behaviour changes in response to financial crises.

The Russia-Ukraine war has profoundly disrupted global fertilizer markets, with cascading effects on agricultural production, food security, and investment dynamics. This paper presents a quantitative analysis of fertilizer supply chains before and after the conflict, drawing on price series data, trade flow statistics, and geopolitical event timelines. We examine the volatility of nitrogen, potash, and phosphates and trace ripple effects across major agricultural economies. Findings show that concentrated supply chains magnify geopolitical risks, leading to sharp fertilizer price shocks and reshaped trade flows. The analysis further evaluates investment opportunities and risks in fertilizer companies and related commodity markets, offering insights for policymakers, agribusiness stakeholders, and investors. By combining event-driven analysis with supply chain data, this study provides a framework for understanding how geopolitical shocks translate into systemic risks and potential investment openings.

Sovereign risk assessment has again captured the attention of international capital markets as the most recent international debt crisis has been resolved and several developing countries are again sourcing funds in the international capital markets. Similar to other credit ratings, sovereign ratings evaluate the relative likelihood that a debtor central government will default on its obligations. The economic information used by, for example, Standard and Poor's to aid in tracking sovereign risk includes; economic data, general government finance data, balance of payments data, and external debt data. This information is also normally available to the public. Thus, the question that has been central to the discussions associated with corporate ratings can also be asked here. Does a sovereign rating simply mirror the existing international market's assessment of country's risk? This research addresses the issue whether sovereign credit ratings provide incremental information to the marketplace. For international equity markets, we find that negative outlook assignments are associated with negative and statistically significant abnormal returns, positive outlook assignments are associated with a statistically significant positive impact on abnormal returns and stable outlooks are not s tatistically significant. Further, when a country is placed on credit watch for negative implications or for a possible downgrade we find that there is a negative and statistically significant market reaction. For international debt markets we find that market reactions to the announcement of credit rating assignments conveyed no new information for ratings associated with below investment grade sovereign bonds, for different sized countries and for emerging markets. The announcement of credit rating assignment is found to provide new and negative information on the announcement date for developed countries and the day after investment grade sovereign bonds. The global market reaction to the announcement of credit rating changes is found to convey no new information for the ratings of upgrade and affirm. However, there is a significantly negative impact on bond returns before the change announcements for rating downgrade.

Companies capitalize on the accumulated profit by issuing the bonus share to shareholders. The information content of the bonus issue is perceived to be positive. This paper is an attempt to study the market behavior pertaining to the bonus announcement by making inferences on the variation in price around announcement day. Using the standard event study methodology, the paper investigates the market reaction on bonus of the companies, which are included in the Nifty 200 index, for the period 2000-2019. Total 171 bonus events announcement was studied for 61 days event window (-30 to +30). The result revealed the existence of a significant difference in abnormal return between pre and post-event window and concludes that the Indian market exhibits a semi-strong form of efficiency. The pattern of abnormal return observed around announcement day strives as evidence for the findings that bonus issue in Indian capital market is anticipated prior to the announcement and leaves no scope for exploitable inefficiencies.

This study investigates the market reaction to buyback in India. For this purpose, a sample of 13 buyback offers from 04 Indian IT Companies was selected from 2016 to 2022. A standard event study methodology analyses the data to reach logical findings and conclusions. Using event research techniques to calculate the AAR and CAAR, the paper examines the company and year-wise performance of 13 buyback offers made by Indian IT companies between 2016 and 2022.The findings show inconsistent average abnormal returns for all sample IT enterprises. The study found that one of the main reasons for buying back shares is to distribute excess cash, not to signal under valuation. The little announcement effect of buyback on select IT companies concludes that the frequency of buyback announcement(s) only sometimes positively impacts share price returns.The results of the event study methodology have found no significant impact of repurchase announcements on shareholders' wealth.The study concludes that the Indian stock market maintains efficiency; repurchase announcement(s) could swiftly absorb share(s) prices. The study targeted the top four Indian IT companies that have repeated share repurchase programs for the last six years. AAR's mixed result showsno significant impact on investors' minds after the announcement.The study suggests that investors are willing to invest in growthoriented companies rather than withdraw investment from them.Since our research is limited to IT, the result may differ for other sectors. Thus a comprehensive analysis of different sectors is required for comparison.

An integrated management of a company's intangibles generates credibility and trust among stakeholders. This management begins with the strategic definition of corporate values. A corporate identity also includes social responsibility values that must take into account global issues required from companies. The way in which companies integrate these strategic values into their brand management is a key issue for organizations. Furthermore, corporate communication that includes the management of the company values contributes to the company's differentiation. This article is the result of analysing intangibles (identity, CSR, branding and communication) in Spanish multinational companies using a qualitative methodology based on in-depth interviews with executive managers. Results show that companies must integrate responsible values into the company's strategy and communicate, in a direct way, the impact generated at the company through this value management. Thereby, the company reinforces its global presence and social legitimacy in those countries in which it operates.

One of the corporate actions carried out by companies is mergers and
acquisitions (M&A). This research aims to examine the impact of
merger and acquisition (M&A) announcements on stock returns of
banking companies listed on LQ 45 for the 2011-2021 period. This
research uses the event study method, with 3 banking companies from 8
merger and acquisition (M&A) events, with an event window of 91
days, namely 45 days pre-announcement, 1 day of announcement and
45 days post-announcement. The results of this research show that the
market responded positively to 8 merger and acquisition (M&A)
announcement events. The benefit of this research is for policy makers
to stimulate stock prices with the help of various announcements from
their corporate action strategies. Investors will be helped in
understanding stock market mechanisms in making wise investment
decisions before reacting to corporate actions. Meanwhile, policy makers are interested in influencing stock prices and investors are interested in the composition of risk-return parameters in their portfolios. This research will act as an important investment tool for both.

The Regression Estimates and Statistical Tests 5.1. Introduction 5.2. Bidding firms 46 5.3. Target firms 5.4. The steps for computing abnormal returns Chapter 6 The Abnormal Return After the Announcement of Mergers and Acquisitions 6.1. Introduction 6.2. The bidder's abnormal return 6.2.1. Market model 6.2.2. Market adjusted model 6.3. The target firms' abnormal return 6.3.1. Market model 6.3.2. Market adjusted model 6.4. Comparison of two models 6.4.1. The bidder's abnormal return 6.4.2. The target's abnormal return 6.5. Comparison of abnormal returns between bidding and target firms 6.5.1. Market model 6.5.2. Market adjusted model 6.6. Comparison with the previous studies 87 iii 6.7. Summary 89 6.7.1. The application of the market model and the market adjusted model 6.7.2. The biddmg firm 89 6.7.3. The target firm 90 6.7.4. Comparison of bidding firms' and target firms' abnormal returns 90 Chapter 7 The Abnormal Return After the Outcome is Known 7.1. Introduction 7.2. The bidder's abnormal return 7.2.1. Market model 91 7.2.2. Market adjusted model 93 7.3. The target firms' abnormal return 7.3.1. Market model 95 7.3.2. Market adjusted model 97 7.4. Comparison of the abnormal returns of the two models 7.4.1. The bidder' s abnormal return 7.4.2. The target's abnormal return 101 7.5. Comparison of abnormal retums of the bidder and target firms 7.5.1. Market model 7.5.2. Market adjusted model 106 7.6. Comparison with the previous studies 107 7.7. Summary 7.7.1. The bidder's abnormal return 7.7.2. The target's abnormal return 109 7.7.3. Comparison of abnormal retums of the bidder and target firms 109 Chapter 8 The Abnormal Return for Acquisition of More Than 50% 8.1. Introduction 110 8.2. The bidder's abnormal return 110 8.2.1. Market model 110 8.2.2. Market adjusted model 8.3. The target firms' abnormal return 114 8.3.1. Market model 8.3.2. Market adjusted model 116 8.4. Comparison of the abnormal remms of the two models 118 8.4.1. The bidder's abnormal return 8.4.2. The target's abnormal return 8.5. Comparison of abnormal remms of the bidding and target firms 122 8.5.1. Market model 8.5.2. Market adjusted model 8.6. Summary 126 8.6.1. The bidder's abnormal return 8.6.2. The target's abnormal return 8.6.3. Comparison of abnormal retums of the bidding and target firms IV Chapter 9 The Abnormal Return for Acquisition of Less Than 50% 9.1. Introduction 9.2. The bidder's abnormal return 128 9.2.1. Market model 128 9.2.2. Market adjusted model 9.3. The target firms' abnormal return 9.3.1. Market model 9.3.2. Market adjusted model 9.4. Comparison of abnormal retums of the two models 9.4.1. The bidder's abnormal return 9.4.2. The target's abnormal retum 9.5. Comparison of abnormal retums of the bidding and target firms 140 9.5.1. Market model 9.5.2. Market adjusted model 9.6. Summary 9.6.1. The bidder' s abnormal retum 144 9.6.2. The target's abnormal return 9.6.3. Comparison of abnormal retums of the bidding and target firms Part Four Conclusion and Policy Implications Chapter 10 Summary, Conclusion and Policy Implications 10.3.1. Shareholder wealth effect 10.3.2. Event studies 150 10.3.3. The gap from previous studies 10.3.4. The findings from this study 151 10.4. Policy imphcations 152 10.4.1. The shareholders of bidding firms 10.4.2. The shareholders of target firms 10.5. Areas for further researches 156

Sports has recently emerged from a concept of physical activity and competition and has become an important economic market. It is important for sports clubs to survive economically and improve their economies. The stock market is defined as a trading area where stocks, bonds or other securities are traded. There are many transfer activities in every transfer season in the football environment. Transfer of a football player as a result of a professional contract with a club is called a transfer. The purpose of this research, 2019 summer transfer season in four football clubs in Turkey in stock market in Istanbul (Fenerbahce Inc., Galatasaray Inc., Besiktas Inc., Trabzonspor Inc.) to shares of foreign player transfers is to investigate the effect. In these transfer season, the relationship between the stock values 1 day before the transfer date of the player and 1 day after the transfer was analyzed on the basis of each player. As a result, Turkey in 2019 summer transfer season in the stock market showing positive activity of football clubs realized the transfer of foreign players (66%) and was determined to make a low impact. It can be said that the reason for this situation is that transfers will positively affect the sportive success of the teams.

This paper attempts to measure the reaction of investors toward the Merger and Acquisition (M&A) announcements by all listed banks on Bahrain Bourse. Thirty different announcements are considered from 2005 to 2017. Event study is employed and results show that the investors gained on average 0.54% cumulative abnormal return (CAR) on the announcement date and lost 2.81% over 60 days around the announcement day. Separating the sample into Islamic and conventional banks, the investors gained 6.14% cumulative average abnormal returns (CAAR) from the Islamic banks while lost 13.03% from the conventional banks. Findings also point out that the investors lost 6.44% when the announcement was by the target banks compared to a loss of only 0.99% by the acquirer banks. The paper concludes that Bahrain Bourse is not efficient in the semi-strong form and there is a scope for abnormal profits for the investors.

Sports has recently emerged from a concept of physical activity and competition and has become an important economic market. It is important for sports clubs to survive economically and improve their economies. The stock market is defined as a trading area where stocks, bonds or other securities are traded. There are many transfer activities in every transfer season in the football environment. Transfer of a football player as a result of a professional contract with a club is called a transfer. The purpose of this research, 2019 summer transfer season in four football clubs in Turkey in stock market in Istanbul (Fenerbahce Inc., Galatasaray Inc., Besiktas Inc., Trabzonspor Inc.) to shares of foreign player transfers is to investigate the effect. In these transfer season, the relationship between the stock values 1 day before the transfer date of the player and 1 day after the transfer was analyzed on the basis of each player. As a result, Turkey in 2019 summer transfer season in th...

In Financial markets information is in the form of signs, news and different predictions coming from inside or outside of the company which makes reactions and as a result changes in stock prices. Such as increase and decrease over the limit or long period of times. However, this behavior is non-rational behavior of market which can be a rational response to perceived uncertainty that is understood by investors. We investigate the stock market short-term overreaction. The Aim of this project is to analyze overreaction of investors to news and information includes Earnings announcement (Pleasant or unpleasant) in Bear and Bull Market in Tehran Stock exchange (TSE) Using daily data over the period 2005-2011. Over the window of 14 days before and 14 days after news announcements. The result indicates that investors in Tehran Stock exchange did not have over reaction to information in short time period.

Background: The historical volatility of assets has been widely studied and used in financial markets. In addition, the implied volatilities of options are increasingly being used as possible predictors of future volatility. Although the market works by pricing future expectations, there is no formal definition in the literature of what we call the implied volatility of a stock.
Objective: To generalize the concept of an option’s implied volatility and derive a new volatility to be assigned to the underlying stock, now named “asset implied volatility”.
Methods: The implied volatilities of options were calculated within the Black-Scholes model using historical stock and option prices, as well as characteristics such as expiration date, strike price, and others. The theoretical option price was calculated using variables extracted from the
market, except for implied volatility, which was calculated by numerically inverting the price equation. Option’s greeks were also calculated and used to calculate the weighted average of the implied volatilities. Historical volatility was calculated using the Yang-Zhang method and was
used for comparison.
Results: The “implied volatility of the asset” showed no correlation with the asset’s historical volatility. This new implied volatility, assigned to the asset, suggests that this metric may contain additional information since it does not incorporate information already measured in another way.
Relevance: The results have a potential contribution to economic agents as they can be used as an additional tool in financial resource allocation strategies for investment or asset trading.

From the last few decades, maximum studies focused to understand the importance of going into the deal of Mergers & Acquisitions (M&A). The current study examined the motivation to recognize either the assumed benefits of the deal of Mergers and Acquisitions have posted increase or not. The current study calculated whether the deal is beneficial or harmful for the organizations who want to enter into the deal of M&A. The study scrutinizes the issues by using the perspective of history, waves, motives and methods to determine Merger and acquisition value. The study focuses on the current Literature available on M&A from the recent past to portray unlike the methods used to gauge performance of M&A. Although field of M&A research is far too broad and more complex to be covered in a review paper, therefore, the study attempts to start covering some historical and background issues such as History, waves in M&A, Methods of measuring deals and M&A motives.

This paper has two objectives: first, it examines the financial performance of twenty UK based acquiring companies over the period of five years (2009-2013) using financial ratios of Liquidity, Profitability and Solvency in order to empirically determine whether there is any significant financial performance changes in the operation of the underlying companies as a result of acquisitions. Both average ratio and paired t-test analysis have been conducted. The analysis concludes that none of the ratios proved statistical significance which shows that the underlying acquisitions did not influence changes in the financial performance of the acquiring companies. The paper also examines whether shareholders make short-term gain while opting for acquisitions by analyzing stocks return over 58 days window period i.e. 29 days prior to acquisition announcement and 29 days after acquisition announcement by applying CAPM model and AAR and CAAR analysis. The analysis concludes that none of the results show statistical significance which further asserts that UK shareholders do not make gain in the short-term as a result of the acquisition activities they have undertaken.

A partir do Plano Real as instituições financeiras atuantes nomercado brasileiro passaram por um grande processo deajustes. Com isto houve uma redução significante dosnúmeros de players e diversos bancos foram liquidados outransferiram o seu controle acionário através dos processosde fusões e aquisições. Esta mudança provocada no cenáriocompetitivo teve como aliados o desenvolvimentotecnológico e ambiente regulatório. O presente artigo analisao impacto das fusões e aquisições nos retornos realizadas noâmbito dos bancos brasileiros privados adquirentes decontrole nacional e estrangeiro. Especificamente, este trabalhoinvestigou o impacto que estes processos causaram noRetorno sobre o Patrimônio Líquido (ROE) e no Retornosobre os Ativos (ROA) dos bancos adquirentes. Ametodologia aplicada neste trabalho foi uma pesquisaempírico-analítica e a base de dados utilizada foi o rankingdos 50 maiores bancos por ativo do Brasil, publicada peloBACEN, no período compreendido entre 2000 e 2004. Aam...

The extensive issuance of Islamic bonds in different parts of the world raises the question of whether such a financing activity leads to better firm performance or not and what the determinants are of this performance. The literature offers scant answers. Thus, this study measures the long-run performance of Malaysian firms following their Islamic debt issues and explores the agency cost explanations of the performance. One-, two-, and three-year stock return performances are measured by the buy and hold abnormal return (BHAR) of Islamic debt issues using samples of 113, 101, and 86 Islamic debt issues, respectively, in the 2001-2009 period. The significance of the performance is tested by heteroscedasticity-and-serial correlation-consistent t-statistics. The determinants of BHAR are investigated using the ordinary least square regression method. The results show a significant positive long-run performance beyond a one-year period that is negatively influenced by growth opportunity and free cash flow when the issue increases the debt ratio.

This paper proposes a systematic literature review for exploring the relationship between CDS and rating announcements. To achieve this purpose, we have isolated and explored the primary relevant fields in the literature and discussed the findings. The value added of this preliminary work can be identified in the effort to identify new and promising research areas for future work.

The study explores the Shariah index membership effect around index revision period especially to the newly added and deleted constituent stocks (termed as event stocks). This study analysed 40 event stocks for Shariah blue-chip index, Dow Jones Islamic Market Titans Malaysia 25 Index (DJIMY25). The analysis was conducted over a period of seven years (2009-2015) using event study methodologies which capture abnormal returns, trading volumes, and return volatility, and discussed the extent of market efficiency. The study divided the event stocks into three groups – additions, deletions due to the index annual rebalancing and deletions due to non-Shariah compliance. The findings of this study provide a new evidence on index additions and deletions contrary to the ones reported in previous studies. Surprisingly, additions to DJIMY25 produces negative results with permanent decrease in stock returns and temporary decrease in trading volumes. The deletions either due to the index annual ...

The extensive issuance of Islamic bonds in different parts of the world raises the question of whether such a financing activity leads to better firm performance or not and what the determinants are of this performance. The literature offers scant answers. Thus, this study measures the long-run performance of Malaysian firms following their Islamic debt issues and explores the agency cost explanations of the performance. One-, two-, and three-year stock return performances are measured by the buy and hold abnormal return (BHAR) of Islamic debt issues using samples of 113, 101, and 86 Islamic debt issues, respectively, in the 2001-2009 period. The significance of the performance is tested by heteroscedasticity-and-serial correlation-consistent t-statistics. The determinants of BHAR are investigated using the ordinary least square regression method. The results show a significant positive long-run performance beyond a one-year period that is negatively influenced by growth opportunity and free cash flow when the issue increases the debt ratio.

BRAID, Luiz Henrique Carvalho. Crise financeira de 2008 e seus impactos nos setores da economia brasileira: uma abordagem por regressoes quantilicas e teoria do portfolio. 2011. 49f. Dissertacao (mestrado profissional) - Programa de Pos Graduacao em Economia, CAEB, Universidade Federal do Ceara, Fortaleza, Ce, 2011.

The study explores the Shariah index membership effect around index revision period especially to the newly added and deleted constituent stocks (termed as event stocks). This study analysed 40 event stocks for Shariah blue-chip index, Dow Jones Islamic Market Titans Malaysia 25 Index (DJIMY25). The analysis was conducted over a period of seven years (2009-2015) using event study methodologies which capture abnormal returns, trading volumes, and return volatility, and discussed the extent of market efficiency. The study divided the event stocks into three groupsadditions, deletions due to the index annual rebalancing and deletions due to non-Shariah compliance. The findings of this study provide a new evidence on index additions and deletions contrary to the ones reported in previous studies. Surprisingly, additions to DJIMY25 produces negative results with permanent decrease in stock returns and temporary decrease in trading volumes. The deletions either due to the index annual rebalancing or non-Shariah compliance have shown negative results with the decrease in stock price, temporary decrease in trading volumes and increase in the stock"s absolute volatility. The finding of this study implied that index membership in Shariah index can induce Shariah compliant risk for the firms that are unable to maintain their Shariah compliant status in the long-term.

Foreign investors have been very active in football clubs in many different countries. These clubs see significant benefits from foreign investment. However, in Turkey, this practice has not yet been implemented. Furthermore, there has been no general discussion about the applicability of this system in Turkish clubs, despite almost all Turkish football clubs being in a state of financial turmoil. To fill this void, this study aims to research the views of Turkish football fans regarding the possible sale of their club to a foreign investor. A total of 1172 football fans across Turkey completed a questionnaire form for the research. The distributions of fans’ views were analyzed by forming crosstabs and using the chi-square test of independence. A total of 66.8% of Turkish fans who participated in the research are against the possible sale of their club to a foreign investor, while 33.2% of the fans support this situation. Additionally, 55.5% of the fans think they have adequate inf...

The prevalence of mergers and acquisitions all over the world is due to its (seemingly) dual role of financial activity as well as an investment strategy. We investigated whether or not mergers and acquisitions has the ability to increase shareholders wealth in the short term. The paper uses data from Deposit Money Banks in Nigeria to test the hypotheses that mergers and Acquisitions causes significant changes in the value of the acquirer banks and also that it has significant impact on their abnormal returns. Evidence failed to uphold these hypotheses suggesting that mergers and acquisition is more of a financial activity than an investment strategy.

This study aims to assess the impact and spill over effects of the United States (US) Quantitative Easing (QE) to South Africa. Using an event-study analysis on daily data spanning from 25/11/2008-12/12/2012 for selected QE dates, the study finds that US Treasury bills fall by 106 basis points on average during QE1, rise by 9 basis points and 8 basis points during QE2 and QE3, respectively. For South Africa, government bonds fall by 61 basis points on average during QE1, 9 basis points during QE2 and 2 basis points during QE3. This leads to the conclusion that UMPs boost the economy in the short run but hurt the economy in the long run, especially when targeting inflation, and used extensively. Therefore, policymakers should concentrate on the overall financial system to measure the financial risk, and thus consistently strengthen macro prudential orientation.

The purpose of this study was to investigate the themes of match-fixing news and to analyze whether there were differences across the frequencies of news with respect to match-fixing. A purposive sampling method was employed dates between 4 July 2011 and 4 July 2012 for content analysis. In this study a content analysis forms was composed of two parts. In the first part, various themes related to news comprised year, month, weekday, weekend and size. In the second part, the researchers investigated the news delivery styles. The news or the visuals of match-fixing appearing on the newspaper were coded as 'there is or there isn't,' "yes or no," and "multiple choice questions". The results of this study, 58.1 percent of the news of match-fixing were published in 2011, 68.9 percent on weekdays and 24.1 percent of them were published in July. Fenerbahçe Football Club appeared once in the 33.1 percent, and 5 times in the 23.1 percent of the match-fixing news. While 45.4 percent of that news was reported rationally, in 40 percent of them, both rational and sentimental language was used. As a conclusion, it has been observed that the news regarding match-fixing considered to be unethical are commonly covered in Turkish media, but the issue is discussed on the emotional and rational basis.

The market for corporate control in the second largest economy in the world behaves very different from that in the U.S. Using a sample of 91 mergers in the period 1982-2003 we document several distinctive features of this market in Japan. First, we show that in stark contrast to the pro-cyclical U.S. merger waves, mergers in Japan tend to be counter-cyclical, both with respect to the general economy as well as with respect to stock market valuations. Second, and again in contrast to the U.S. experience, we find that a significant fraction of Japanese mergers are orchestrated by the main banks; in such cases, mergers are not between two weak companies, but at least one of the merging companies is financially strong. Other distinctive features of Japanese mergers are the positive pre-announcement returns accruing to both bidders and targets, with bidders capturing approximately half the gains that accrue to target firms. We also find differential shareholder wealth effects in the bubble period (1982-1989), the early 1990s, and the post-financial regulation regime (1997-2003). Overall our results point to a market for corporate control that is distinctly less shareholder-centered than that in the U.S. and one where creditors play an important, perhaps dominant, role.

Este trabalho examina os efeitos de valorização provocados pelas fusões e aquisições ocorridas na indústria bancária portuguesa entre 1995 e 2003, num período de observação de 41 dias (-20, +20). Os resultados revelam que se registaram alguns ganhos para os accionistas das empresas adquiridas, mas não evidenciam qualquer ganho para os proprietários dos bancos adquirentes. A entidade combinada (adquirente+adquirido) também não evidencia qualquer ganho significativo, o que contradiz os resultados de muitos estudos europeus, mas confirma os resultados apresentados pela grande maioria dos estudos Americanos.

Recentes pesquisas sugerem que uma das principais motivacoes para a realizacao de operacoes de fusoes e aquisicoes seja a tentativa das empresas adquirentes em incorporar ativos intangiveis de propriedade das empresas-alvo. Isso porque tais ativos proporcionam importantes fontes de vantagem competitiva sustentavel e oportunidades de crescimento. Este artigo analisa a relacao entre a intangibilidade e a criacao de valor nos eventos de aquisicao de empresas brasileiras. O metodo aplicado neste artigo e o estudo de eventos, com o qual se verifica a influencia do anuncio de aquisicoes sobre os retornos anormais acumulados das empresas adquirentes. Essa analise e feita em duas subamostras. Uma delas e composta por eventos envolvendo empresas intangivel-intensivas e a outra por tangivel-intensivas. Os resultados da analise de variância mostram significativas diferencas dos retornos entre essas duas amostras, sempre indicando retornos positivos para as empresas intangivel-intensivas e nega...

With increasing globalisation and the need to expand into new markets quickly and efficiently, South African firms are more than ever relying on mergers and acquisitions (M&A). It is therefore important to revisit the debate on whether M&A is a beneficial longterm corporate strategy for shareholders, especially given that little South African literature exists on this issue. This study addresses this question by examining both the short-and long-run share return performances resulting from 204 mergers and acquisitions (M&A) over the period 2003-2014, involving companies listed on the Johannesburg Stock Exchange (JSE) as acquirers. The measurement of long-run performance of M&A and other corporate events such as share buy backs and seasoned offerings remains contentious primarily due to concerns on the appropriate benchmarks for abnormal share return performance as a result of these events and the methodology used to measure long-run realized returns from these events. With regard to benchmarks, a combination of four return factors deemed appropriate for the South African equity market is used to benchmark the abnormal returns related to M&A activities. These factors are the JSE's Financial & Industrials Index (JSE index code J213 or colloquially known as the Findi), the JSE's Resources Index (JSE index code J210 or colloquially known as the Resi), and the size and book-to-market factors. Two methods have been widely used to determine the long-run share return performance from corporate events: The Buy-and-Hold Abnormal Return (BHAR) approach and the more statistically robust Calendar Time Portfolio (CTP) approach. Using these two approaches, this study finds that, in the long term, there are no statistically significant abnormal returns associated with merger and acquisition transactions for the sample of South African acquirers tested. The correlation of a number of key transaction attributes with long-run M&A related share return performance is also examined in this study. The following characteristics are thus tested: the method of payment (cash, equity or cash and equity), the listing status of acquisition targets (private, public or subsidiary), the target's geographical location (crossborder or non-cross border, i.e. South African), the relatedness of the target's industry to

A partir do Plano Real as instituições financeiras atuantes nomercado brasileiro passaram por um grande processo deajustes. Com isto houve uma redução significante dosnúmeros de players e diversos bancos foram liquidados outransferiram o seu controle acionário através dos processosde fusões e aquisições. Esta mudança provocada no cenáriocompetitivo teve como aliados o desenvolvimentotecnológico e ambiente regulatório. O presente artigo analisao impacto das fusões e aquisições nos retornos realizadas noâmbito dos bancos brasileiros privados adquirentes decontrole nacional e estrangeiro. Especificamente, este trabalhoinvestigou o impacto que estes processos causaram noRetorno sobre o Patrimônio Líquido (ROE) e no Retornosobre os Ativos (ROA) dos bancos adquirentes. Ametodologia aplicada neste trabalho foi uma pesquisaempírico-analítica e a base de dados utilizada foi o rankingdos 50 maiores bancos por ativo do Brasil, publicada peloBACEN, no período compreendido entre 2000 e 2004. Aam...

The purpose of this study is to investigate how earnings announcement event affects stock returns at Karachi Stock Exchange (KSE). For this purpose we use the KSE-100 Index as our sample. We use the CAR Analysis to analyze the impact of earnings announcement over the stock returns around announcement dates. Our results suggest that KSE experiences abnormal stock returns around earnings announcement dates for the overall market and for different categories which indicate that efficient market hypothesis does not hold in Pakistani market and point out the presence of informational dissemination inefficiencies in the market.