文章基本信息

标题：A Theoretical Model of Directional Volume on Acquirer Stock in Cash Mergers
本地全文：下载
作者：Mark W. Zikiye ; Rebecca Abraham ; Charles Harrington 等
期刊名称：Theoretical Economics Letters
印刷版ISSN：2162-2078
电子版ISSN：2162-2086
出版年度：2014
卷号：4
期号：3
页码：241-246
DOI：10.4236/tel.2014.43033
出版社：Scientific Research Publishing
摘要：The acquisition of a target firm in a transaction financed by cash is a cash merger. Announcements of cash mergers release the positive signal that the acquirer possesses cash reserves. As stock prices rise, informed traders may obtain abnormal returns by purchasing call options, selling put options or purchasing stock. This paper constructs a theoretical model in which call buy volume forms the upper bound of the final stock price, put sell volume forms the lower bound of the final stock price and stock purchase volume reveals the final stock price.
关键词：Option Volüme; Informed Trading; Cash Mergers; Signaling; Price Bounds