IDENTIFYING STOCK MARKET REACTIONS TO ACQUISITION ANNOUNCEMENTS IN TAIWAN LAND AUCTION
Journal Title: Asian Economic and Financial Review - Year 2015, Vol 5, Issue 8
Abstract
This paper examines the market reactions to acquisition announcements in Taiwan land auctions. Empirical evidence shows that successful bidders can enjoy significant positive abnormal returns as a result of land auction events. Specifically, successful acquisitions in Taiwan land auction have an intra-industry contagion effect. The land size and the market atmosphere before the auction events benefit the stock market reactions.
Authors and Affiliations
Jin-Ray Lu| Department of Finance, National Dong Hwa University, Taiwan, Chih-Chiang Hwang*| Department of Health Business Administration, Tajen University, Taiwan, Department of Finance, National Dong Hwa University, Taiwan
Keywords
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