Chinese reverse mergers (CRMs) claim to provide easy entry to the U.S. and international markets. Recently, a large number of Chinese firms using reverse merger transactions have been listed on the U.S. stock exchanges. We review the historical use and mechanics of these reverse mergers, and...

This paper develops and tests the anticipation hypothesis as applied to a bidding firm’s returns and the returns of its rivals. Our results provide strong support for anticipation and the transfer of subsequent bidding information throughout a bidder’s industry. First, the abnormal returns...

This paper documents a dramatic difference in the abnormal announcement period returns of the first bidder to announce an acquisition attempt in a particular industry. Typical of the literature, the set of all bidders in our sample earn abnormal returns indistinguishable from zero. However,...