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We examine the linkages between returns on Indian Global Depositary Receipts (GDRs) in London and their underlying stocks in India. GDR returns are sensitive to returns observed earlier in India. This sensitivity is more pronounced for more liquid GDRs. Although arbitrage is not feasible for...
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We document abnormal trading profits in Dutch auction self-tenders. Tender period profits buying after announcement and selling just before expiration are 1.74 percent (Bhagat, Brickley, and Lowenstein (1987) report similar profits for interfirm tenders). Buying just before expiration and...
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