Takeovers and shareholder value creation on the stock exchange of Thailand
Document Type
Book Chapter
Publisher
Elsevier JAI
Faculty
Faculty of Business and Law
School
School of Accounting, Finance and Economics
RAS ID
6258
Abstract
There are few studies of take over effects in emerging stock markets and of whether such events result in value-increasing or value-decreasing effects for the successful targets and bidders. This study analyses the impact of successful takeovers on the Stock Exchange of Thailand (SET). Both target and bidding firms’ performances during a period of 12 months before and after the takeover are investigated. Abnormal returns are measured using an event study approach; applying two models and three parametric test statistics. The results suggest that Thai takeover effects are wealth-creating for both offeree and offeror shareholders.
DOI
10.1016/S1569-3767(07)00017-9
Comments
Allen, D. E., & Soongswang, A. (2008). Takeovers and shareholder value creation on the stock exchange of Thailand. In Suk-Joong Kim & Michael McKenzie (Eds.). International Finance Review: 'Asia-Pacific Financial Markets: Integration, Innovation and Challenges' (pp. 347-370). Location: Elsevier JAI. Available here