کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
982207 1480447 2014 11 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Technology transactions, announcement effect, and reversal: Dissecting an anomaly
ترجمه فارسی عنوان
معاملات تکنولوژیکی، اعلان اثر، و معکوس کردن: انحراف یکسانی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی


• We examine the short term stock price performance of firms that acquire or sell technology rights.
• We find significant positive announcement-period abnormal returns to the acquirers and sellers.
• The price increases reverse during the subsequent twenty trading days.
• The reversal is confined to a subsample comprised of stocks that witness pre-announcement price decline.
• Stocks that witness price run-up prior to the announcement do not reverse to original prices but lose the momentum thereafter.

We examine the short term stock price performance of firms that acquire or sell technology rights. We find significant positive announcement-period abnormal returns to the acquirers and sellers. However, the price increases reverse during the subsequent twenty trading days. These quick fortune reversals cannot be attributed to methodology; they prevail in the late 1970s through the 2000s, in bear and bull stock markets, and in both high and low technology industries. Upon splitting the sample into two subsamples comprised each of stocks with either pre-announcement price run-up or decline; we find that the abnormal return reversal is confined to the latter subsample. Stocks that witness price run-up prior to the announcement do not reverse to original prices but lose the momentum right after the announcement-period. We believe this is caused by the combination effect of the momentum prior to-and the impact of the announcement.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The Quarterly Review of Economics and Finance - Volume 54, Issue 3, August 2014, Pages 371–381
نویسندگان
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