Google attention and target price run ups

Siganos, A. (2013) Google attention and target price run ups. International Review of Financial Analysis, 29, pp. 219-226. (doi:10.1016/j.irfa.2012.11.002)

73287.pdf - Accepted Version



We explore the increase in the share prices of target firms before their merger announcements. We use a novelty Google search volume to proxy the market expectation hypothesis according to which firms with an abnormal upward change in Google searches are identified as firms with potential merger activity. We find that Google indicators can explain a larger percentage of the price increase in target firms before their mergers than the Financial Times. However even the Google proxy of the market expectation hypothesis can only explain at best 36% of the target price run ups.

Item Type:Articles
Additional Information:NOTICE: this is the author’s version of a work that was accepted for publication in International Review of Financial Analysis. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication.
Glasgow Author(s) Enlighten ID:Siganos, Dr Antonios
Authors: Siganos, A.
College/School:College of Social Sciences > Adam Smith Business School > Accounting and Finance
Journal Name:International Review of Financial Analysis
ISSN (Online):1873-8079
Published Online:05 December 2012
Copyright Holders:Copyright © 2012 Elsevier
First Published:First published in International Review of Financial Analysis
Publisher Policy:Reproduced in accordance with the copyright policy of the publisher

University Staff: Request a correction | Enlighten Editors: Update this record