... that the expense ratio has remained constant during the whole study period [3] . Risk is estimated as the standard deviation of ETFs' returns on an annual basis while LnAge is the natural logarithm of ETFs' age. © Emerald Group Publishing Limited 2011 Investment funds Stock exchanges Return...

... describe here the control variables that have to be considered in our study to analyse the predictive capacity of the toehold indicators. These variables, summarized in Table I , are: Take‐overs Return on investment Significant purchases of shares prior to the announcement of a takeover bid...