This paper examines the simultaneous trading behaviour for the takeover occasion for eighteen investor classes which constitute the complete trading environment. For the analysis, a buy-sell imbalance (BSI) indicator was employed. Only four domestic investor categories are found however to have...

This study examines the importance of the self-selection problem when evaluating returns to bidder firms around announcement events. Takeover announcements are not random because managers decide rationally whether to bid or not, this indicates announcements are timed; consequently, in the presence...