Impact rumors of takeover bids on liquidity: the case of French firms target
Takeover Rumours are the most important kind of financial rumours due of their consequences, which are sometimes disproportionate to the normal as in the cases of Danone and Suez and Hermès. In this paper we try to evaluate the impact of this special type of rumours on the liquidity of target companies listed on the French stock market. The results of the event studies show the presence of abnormal values of prices, volumes and spreads around the publication date of the rumours in the media.