The impact of the announcement of a takeover bid has been widely tested in foreign literature. Therefore, the main goal … of this paper is to research the impact of the announcement of a takeover bid on the share price movements in the … takeover bid affects the share prices of the target company, which is consistent with the results of previous research …

investors because they exacerbate the illiquidity and volatility of securities, increase the dispersions of asset illiquidity … and volatility, and decrease contemporaneous returns. Our price-of-risk estimates are also robust to using mimicking …