Stock market reaction to mergers and acquisitions in anticipation of a subsequent related significant event: Evidence from the Korean telecommunications industry

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The objective of this paper is to assess the effect of mergers and acquisitions on shareholder wealth when subsequent related significant events are anticipated. We identify a particular merger and acquisition between telecommunication companies in Korea and examine whether it conveys good or bad news to stock market participants. We hypothesize and find that mergers and acquisitions are interpreted as good news by the marketplace when they are expected to be accompanied by a subsequent related significant event, in our case granting of a government license for the IMT-2000 mobile service. ? World Scientific Publishing Co. and Center for Pacific Basin Business, Economics and Finance Research.
Publisher
World Scientific Publishing Co
Issue Date
2005-06
Language
English
Citation

Review of Pacific Basin Financial Markets and Policies, v.8, no.2, pp.185 - 200

ISSN
0219-0915
URI
http://hdl.handle.net/10203/88806
Appears in Collection
MG-Journal Papers(저널논문)
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