Trading of Takeover Target Shares
In this study, we confirm the validity of Cornelli and Li (2002) theoretical model that posits takeover traders affect the outcome of takeover activity. This study uses Australian and United States of America intraday microstructure data for the period 2008 to 2013. Analysing this trading data allows us to improve the identification of informed trading conducted by takeover traders immediately after a takeover is announced. We show that takeover traders play...[Show more]
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