Table 7

Cumulative average abnormal share trading volume growth for days -42 to -1 relative to the announcement of the first bid for 1,506 NYSE- and Amex-listed target firms that received takeover bids from 1975-91. For each firm, a year of daily share trading volume data is used to estimate a regression model (see table 6) to predict daily share volume, ending 126 trading days before the date of the first bid.