日本企業におけるTOBが株式市場に及ぼす短期的な影響 : 株価効果と売買反応の検証

概要

論文の詳細を見る
The Financial Instruments and Exchange Law was amended in terms of the regulations of take offers in 2006. Becauseof the financial crisis which broke out in 2008, the reorganizations were carried out for the management rebuildingby the managers. Given this background, we need to rediscover the market reaction after the announcement oftender offer. In this study we analyze the abnormal returns and abnormal trading volume for a sample of 226 tenderoffers in TSE First Section over the period 2008-2012. The results reveal the differences in the abnormal returns andabnormal trading volume between bidder firms and target firms. We found statistically positive abnormal returnsin bidder firms, target firms and repurchasing firms after the announcement of take offer. When tender offers areannounced, the abnormal returns of bidder firms and repurchasing firms have already begun to increase. Theabnormal trading volume of repurchasing firms was found statistically negative.
鹿児島国際大学大学院の論文
2014-01-31