Skander Lazrak
Brock University
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Publication
Featured researches published by Skander Lazrak.
European Journal of Finance | 2007
Lawrence Kryzanowski; Skander Lazrak
Abstract Microstructure effects of tender offer acquisitions on targets and acquirers differentiated by listing venue and payment method are examined. Trading activity increases more for targets than for acquirers upon offer announcement. Investors are more likely to sell targets upon announcement using direct market orders against ask limit orders for cash payment offers. While target liquidity improves as spread costs fall and quoted depths increase, acquirer liquidity falls continuously to successful offer completion. Due to increased trading differences, temporary trade costs fall more for targets than for acquirers. Permanent trade costs decline over the tender offer cycle for both parties, and especially for targets for cash tender offers and for acquirers for shares tender offers. The probability of informed trading declines (remains constant) for targets (acquirers) because increased trading intensity is greater (the same) for uninformed versus informed traders. As expected, abnormal returns and changes in own-firm permanent return volatility are negatively (but weakly) and positively (and strongly) related, respectively, to changes in information asymmetry upon announcement.
Journal of Banking and Finance | 2010
Lawrence Kryzanowski; Skander Lazrak; Ian Rakita
Review of Quantitative Finance and Accounting | 2011
Lawrence Kryzanowski; Skander Lazrak
Multinational Finance Journal | 2015
Lawrence Kryzanowski; Skander Lazrak; Ian Rakita
Journal of International Financial Markets, Institutions and Money | 2009
Lawrence Kryzanowski; Skander Lazrak
Research in International Business and Finance | 2017
Mohamed A. Ayadi; Skander Lazrak; Robert Welch
The Quarterly Review of Economics and Finance | 2018
Mohamed A. Ayadi; Skander Lazrak; Yusui Liao; Robert Welch
International Review of Finance | 2018
Mohamed A. Ayadi; Walid Ben Omrane; Skander Lazrak; Jie Yang
Les Cahiers du GERAD | 2011
Hatem Ben-Ameur; Yan Wang; Mohamed A. Ayadi; Skander Lazrak
Archive | 2005
Lawrence Kryzanowski; Skander Lazrak; Ned Goodman; John Molson