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- Title
Market reaction to takeover rumour in Internet Discussion Sites.
- Authors
Clarkson, Peter M.; Joyce, Daniel; Tutticci, Irene
- Abstract
We examine the market reaction to takeover rumour postings in the Hotcopper Internet Discussion Site (IDS). Results from the interday analysis show abnormal returns and trading volumes on the day before and the day of the posting. Results of the intraday analysis show abnormal returns and trading volumes during the 10 min posting interval and abnormal trading volume during the 10 min interval immediately preceding it. Sensitivity analyses indicate that the results are robust to concerns regarding potential confounds, credibility and bid–ask spread bias. Taken together, these findings are consistent with the market reacting to the posting of takeover rumours in IDS.
- Subjects
MARKET volatility; RUMOR; MERGERS &; acquisitions; MARKET prices; SECURITIES trading volume; MARKET value; ECONOMIC models; RESEARCH methodology
- Publication
Accounting & Finance, 2006, Vol 46, Issue 1, p31
- ISSN
0810-5391
- Publication type
Article
- DOI
10.1111/j.1467-629X.2006.00160.x