Abstract
This paper has employed the nonparametric minimum convex input requirement set (MCIRS) approach and event study to measure the Taiwan hostile takeover events. We obtain 36 hostile takeover examples from 1994 to 2001 in Taiwan to search into the relationship between the M&A events and efficiency scores and stock price. The empirical results shows that, in short term, the stock price turnover of event firms is going downhill after M&A announcement day. In long term, the efficiency scores of event firms are insignificant between ex-announcement day and after announcement day.