We investigate the stock price performance of companies that become a block trade target in China where unique institutional characteristics exist. As with US evidence, stock prices of target companies positively react to the announcement of block trades. The positive effect of block trades...

This paper compares the reaction of bidders' stock prices to acquisition announcements by regulated non-financial firms, banks, and unregulated companies in Japan. Results suggest that regulated non-financial firms do not experience a significant stock price response at M&A announcements,...