Merger Announcement Effects and the Amendment of Insider Trading Laws in Brazil  

作　　者：Mei Qiu Sonia Aparecida Balbinotti 

机构地区：[1]Massey University, Auckland, New Zealand

出　　处：《Journal of Modern Accounting and Auditing》2016年第5期284-293,共10页现代会计与审计（英文版）

摘　　要：Although Brazil has a long history of having insider trading laws （IT laws） in place and became the first emerging country to enforce the IT laws （Bhattacharya ＆ Daouk, 2002）, criminal sanctions and hefty monetary penalties were only made possible by the amendment of its laws against IT on October 31, 2001. We study the stock price effects of merger announcements made by 151 firms over two periods, before and after the change of IT laws. Our empirical results suggest that target firms attained positive price run-ups in pre-announcement windows before, but not after, the legal regime change. While acquiring firms had strong positive pre-announcement reactions in both legal regimes, the abnormal returns （AR） decreased in the more stringent legal regime. These results indicate that more stringent IT laws may deter IT and improve market efficiency in an emerging country.

关 键 词：MERGER abnormal retum （AR） event study insider trading law （IT law） 

分 类 号：F832.51[经济管理—金融学] X591[环境科学与工程—环境工程]