Informed trading around merger and acquisition announcements: Evidence from the UK equity and options markets

2010 ◽  
Vol 31 (8) ◽  
pp. 703-726 ◽  
Author(s):  
Spyros Spyrou ◽  
Andrianos Tsekrekos ◽  
Georgia Siougle
Keyword(s):  
Merger And Acquisition ◽  
Informed Trading ◽  
Options Markets ◽  
Acquisition Announcements ◽  
The Uk

Speculation or Insider Trading: Informed Trading in Options Markets Preceding Tender Offer Announcements

2000 ◽  
Author(s):  
Tom Arnold ◽  
Gayle R. Erwin ◽  
Lance A. Nail ◽  
Ted Bos
Keyword(s):  
Insider Trading ◽  
Informed Trading ◽  
Options Markets ◽  
Tender Offer

Informed Trading Surrounding Data Breaches in Options Markets

2019 ◽  
Author(s):  
Louis R. Piccotti ◽  
Heng Wang
Keyword(s):  
Informed Trading ◽  
Options Markets ◽  
Data Breaches

The Behavior of Option Implied Standard Deviations Around Merger and Acquisition Announcements

1993 ◽  
Vol 28 (2) ◽  
pp. 261-272 ◽  
Author(s):  
Haim Levy ◽  
James A. Yoder
Keyword(s):  
Merger And Acquisition ◽  
Standard Deviations ◽  
Acquisition Announcements

scholarly journals Gains and payments of mergers and acquisitions: Further evidence from the UK

2012 ◽  
Vol 9 (3) ◽  
pp. 288-302 ◽  
Author(s):  
Mohamed Sherif
Keyword(s):  
Abnormal Returns ◽  
Merger And Acquisition ◽  
Market Model ◽  
Wealth Effects ◽  
Capital Asset Pricing ◽  
Small Companies ◽  
Index Model ◽  
Test Models ◽  
Study Methodology ◽  
The Uk

Using the UK data and the standard Event Study methodology framework, the wealth effects of target and acquiring companies involved in merger and acquisition activities over the period from 2000 to 2010 is investigated. Further, we extend our analysis to examine the financing payments of M&A transactions using various test models, namely the size-deciles (SD) control model, Hoare-Govett small companies model, index model (IM), market model (MM) and the capital asset pricing model (CAPM). The results in general indicate that target companies obtain significantly positive and higher abnormal returns than those obtained by the UK acquirers. The results are positively associated with cash offers used in financing the merger and acquisition transactions. Consistent with previous studies we found no clear pattern of abnormal returns around the announcement period for the UK acquirers. Interestingly, the five different test models are generally found to produce similar levels of abnormal returns

scholarly journals Detecting Informed Trading Activities in the Options Markets

2012 ◽  
Author(s):  
Marc Chesney ◽  
Remo Crameri ◽  
Loriano Mancini
Keyword(s):  
Informed Trading ◽  
Options Markets ◽  
Trading Activities
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