|
If you are seeing this message, you may be experiencing temporary network problems. Please wait a few minutes and refresh the page. If the problem persists, you may wish to report it to your local Network Manager.
It is also possible that your web browser is not configured or not able to display style sheets. In this case, although the visual presentation will be degraded, the site should continue to be functional. We recommend using the latest version of Microsoft or Mozilla web browser to help minimise these problems.
Wiley InterScience | ||||||||||
  Accounting & FinanceVolume 46 Issue 1, Pages 31 - 52 Published Online: 9 Mar 2006 Journal compilation © 2009 Accounting and Finance Association of Australia and New Zealand Published on behalf of The Accounting and Finance Association of Australia and New Zealand
Abstract | References | Full Text: PDF (Size: 132K) | Related Articles | Citation Tracking  Market reaction to takeover rumour in Internet Discussion Sites The authors acknowledge the assistance of the management of Hotcopper, who made available to us their archives, and Macquarie Bank and SIRCA who provided us with the return data. We also thank participants at the 2002 AFAANZ Annual Conference and the 2002 University of Technology, Sydney Summer Research Camp as well as workshop participants at the Australian National University, the University of Melbourne and Monash University, and especially Russell Lundholm, Gordon Richardson, Tom Smith, Robert Whitelaw, Mary Rose Cooney, Jason Hall and Philip Gray for their insights. Copyright The Authors
Journal compilation © 2006 AFAANZ KEYWORDS Internet Discussion Sites • Takeover rumour • Market reaction • Abnormal returns • Abnormal trading volume KEYWORDS G14 Abstract
We examine the market reaction to takeover rumour postings in the Hotcopper Internet Discussion Site (IDS). Results from the interday analysis show abnormal returns and trading volumes on the day before and the day of the posting. Results of the intraday analysis show abnormal returns and trading volumes during the 10 min posting interval and abnormal trading volume during the 10 min interval immediately preceding it. Sensitivity analyses indicate that the results are robust to concerns regarding potential confounds, credibility and bid–ask spread bias. Taken together, these findings are consistent with the market reacting to the posting of takeover rumours in IDS. | 
| |||||||||
