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Identifying Stock Market Reactions to Acquisition Announcements in Taiwan Land Auction

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  • Jin-Ray Lu
  • Chih-Chiang Hwang

Abstract

This paper examines the market reactions to acquisition announcements in Taiwan land auctions. Empirical evidence shows that successful bidders can enjoy significant positive abnormal returns as a result of land auction events. Specifically, successful acquisitions in Taiwan land auction have an intra-industry contagion effect. The land size and the market atmosphere before the auction events benefit the stock market reactions.

Suggested Citation

  • Jin-Ray Lu & Chih-Chiang Hwang, 2015. "Identifying Stock Market Reactions to Acquisition Announcements in Taiwan Land Auction," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 5(8), pages 1014-1028.
    • Handle: RePEc:asi:aeafrj:v:5:y:2015:i:8:p:1014-1028:id:1421
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