We find that the demand for stock option positions that increase exposure to the underlying is positively related to measures of investor sentiment and past market returns, while the demand for index options is invariant to these factors. These differences in trading patterns are reflected in...

Prior literature documents that acquirers earn declining returns to acquisitions as they continue acquiring. Using a novel typology of serial acquirers, we show that subsequent acquisitions by acquirers are predictable ex ante. Controlling for market anticipation, there is little evidence that...

Using a novel typology of serial acquirers, we examine several puzzles documented in prior literature. We show that acquisitions by different types of acquirers are driven by different factors, they acquire different sizes of targets, and subsequent acquisitions by acquirers are predictable ex...