Target insiders' preferences when trading before takeover announcements: deal completion probability, premium and deal characteristics

This is the pre-peer reviewed version of the following article: Fidrmuc, J.P. and Xia, C. (2021), Target insiders' preferences when trading before takeover announcements: deal completion probability, premium and deal characteristics. Eur Financ Manag. Accepted Author Manuscript. https://doi.org/10.1111/eufm.12308, which has been published in final form at https://doi.org/10.1111/eufm.12308. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions

THE RELATIONSHIP BETWEEN EXTERNAL DEBT, DEFENCE EXPENDITURES AND GNP REVISITED: THE CASE OF TURKEY

This paper extends the Looney and Frederiksen (1986) study and investigates the relationship among external debt, defence expenditures and GNP in Turkey for 1960-2002. After applying cointegration analysis of a multivariate system of equations, impulse response functions and variance decomposition are estimated. The impulse response functions indicate that defence expenditures have a positive effect on external debt stock. Moreover, impulse response of GNP to defence expenditures tended to hike slightly within two years ahead, and dipped sharply by two years, and thereafter continued at a positive level.External debt, Defence expenditures, GNP, Turkey,