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The prior studies are focus on the association between merge and acquisition (M&A) announcement and stockholders’ wealth. There are few studies examining the change in the level of information asymmetry at M&A announcement. Our study, therefore, goes to fill out the aspect. This paper empirically investigates the change in asymmetric information at M&A announcement with a model proposed by Hasbrouck (1991b) and Brooks (1996). The model uses stock price, bid-ask quote, and trading volume via VAR model to derive a new proxy (Rw ) of price variance for the level of asymmetric information among investor. The sample includes 30 firms with the M&A events in the electronic industry as listed in the Taiwan primary market. The findings indicate that M&A announcements, based on this study, has information contents but do not effectively reduce the level of asymmetry.

Information Asymmetry at Merge and Acquisition - An Investigation on Firms in the Electric Industry