THE PRICE REACTION OF RIVAL ADR FIRMS TO ACQUISITION ANNOUNCEMENTS FOR U.S. FIRMS
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This stuc61examines the intra-industry effect ofacquisition announcementsfrom 1980-1999 andfinds that the effect on rival ADRs is dUferent than previously found for U. . firms. The cumulative abnormal return (CAR) f(Jr the two-clay announcement window (-1. 0) is a statistically significant -0.5./% while US firms generally have positive abnormal announcement returns. Cmss-sectional regression analysis shows that subsequent acquisition announcements in the same ind11st1~1· have a posillve stock-price impact for ADR rivals cind that l:;11ropean.firms have a greater positive response than non-E11ropeanfirms do.
Abstract
This stuc61examines the intra-industry effect ofacquisition announcementsfrom 1980-1999 andfinds that the effect on rival ADRs is dUferent than previously found for U. . firms. The cumulative abnormal return (CAR) f(Jr the two-clay announcement window (-1. 0) is a statistically significant -0.5./% while US firms generally have positive abnormal announcement returns. Cmss-sectional regression analysis shows that subsequent acquisition announcements in the same ind11st1~1· have a posillve stock-price impact for ADR rivals cind that l:;11ropean.firms have a greater positive response than non-E11ropeanfirms do.