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dc.contributor.authorHekimoglu, M. H.en_US
dc.contributor.authorTanyeri, B.en_US
dc.date.accessioned2015-07-28T12:00:40Z
dc.date.available2015-07-28T12:00:40Z
dc.date.issued2011-02-23en_US
dc.identifier.issn1300-610X
dc.identifier.urihttp://hdl.handle.net/11693/12229
dc.description.abstractThis paper investigates stock-market reactions to mergers and partial sales of non-financial Turkish firms. Turkish targets earn average cumulative abnormal returns (CAR) of 8.56 percent in the three-day window around merger announcements when bidders purchase control rights and 2.25 percent when they do not. The results indicate that acquirers pay a premium to purchase control rights. The smaller magnitude of target CAR in Turkish mergers (relative to CAR of around 20 percent in US and 10 percent in Europe) may be explained by: 1) the reduction in the power of event study method to capture the effect of merger announcements due to information leakages and misidentification of announcement dates; and 2) the differences in Turkish regulatory, operational and competitive environment.en_US
dc.language.isoEnglishen_US
dc.source.titleIktisat Isletme ve Finansen_US
dc.relation.isversionofhttp://dx.doi.org/10.2139/ssrn.1768015en_US
dc.subjectTurkish Mergersen_US
dc.subjectAcquistionsen_US
dc.subjectPartial Salesen_US
dc.titleStock-market reactions to mergers of non-financial Turkish firmsen_US
dc.title.alternativeTürk şirket birleşmelerinin satın alınan şirketlerin hisse senedi fiyatları üzerindeki etkilerien_US
dc.typeArticleen_US
dc.departmentDepartment of Managementen_US
dc.citation.spage53en_US
dc.citation.epage70en_US
dc.citation.volumeNumber26en_US
dc.citation.issueNumber308en_US
dc.identifier.doi10.2139/ssrn.1768015en_US
dc.publisherIIFen_US


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