Title Page
Abstract
Contents
Ⅰ. Introduction 7
Ⅱ. Data 12
1. Sample 12
2. Definition 12
3. Summary statistics 15
Ⅲ. Empirical results 15
1. Abnormal percentage and won returns 15
2. Abnormal percentage and won returns by affiliations between bidder and targets 17
3. Determinants of merger announcement returns 19
Ⅳ. Conclusion 21
References 24
Appendix. Variable definition 27