A theoretical model proposed by Cornelli and Li (2002) suggests that informed traders transact in shares of the target firm following the announcement of a takeover. In such cases, takeover traders are incentivised to become large shareholders in the target and, in doing so, influence the...

We provide the first empirical investigation into the impact of Internet Stock Message Board takeover rumors on the price discovery process in the United States equity market. Our investigation involves using an innovative five-stage filtering process, that employs computational linguistics...