Jan Hájek, Miroslava Jindrová
This article deals with the structure and evolution of tender offers, takeover prices and the effects of tender offer announcements in the Czech Republic in 2001−2005. Semi-strong form efficiency is examined by means of the traditional event study methodology. Based on the results it is impossible to prove either semi-strong form efficiency of the Czech stock market or trading based on private information.
Issued: June 2007
Download: Thematic article in the Financial Stability Report 2006 (pdf, 289 kB)