Fig. 2 Proportion of abnormal returns and volume growth rates that are positive for each of
the trading days from -40 to +40 relative to the first bid. Based on all NYSE and Amex-listed targets that received
takeover bids from 1975-91. Regression models used to define abnormal returns or volume are estimated using data for
days -379 to -127 relative to the day of the first bid.
© Copyright 1996, G. William Schwert
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