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- Title
Single Tender Offers: Impact on Target Firms.
- Authors
Amporn Soongswang
- Abstract
This study primarily focuses on takeover effects on the target firms traded on the Stock Exchange of Thailand (SET) in the context of single tender offers. This research investigates a long-window excess return, or over a period of 12 months before and after the announcements by means of several metrics. The market and market-adjusted models are used to estimate the returns for the bid period, the Cumulative Abnormal Return (CAR) and Buy-and-Hold Abnormal Return (BHAR) methods are applied for the measurement of the returns of the target firms, and the three parametric test statistics are also used to test the significance of the abnormal returns of the target firm's shareholders. The results suggest that takeovers occurring in the Thai stock market result in substantial positive wealth gains for the shareholders of the target firms.
- Subjects
THAILAND; TENDER offers; STOCK Exchange of Thailand (Company); RATE of return on stocks; STOCK prices; MERGERS &; acquisitions
- Publication
IUP Journal of Financial Risk Management, 2013, Vol 10, Issue 2, p50
- ISSN
0972-916X
- Publication type
Article