“…Bidders and targets justify the 52-week high anchor because they expect prospective synergies to surpass previous stock market highs. This 52-week anchoring effect is ubiquitous in various M&A markets around the world, including the United States (Baker et al, 2012; Chira & Madura, 2015; Ma, Wang, & Zhang, 2017), Europe (Niinivaara, 2010), Japan, and Russia (Stepanova, Savelyev, & Shaikhutdinova, 2018). Hence, given the setting of the Indian takeover regulation, we provide evidence beyond simply testing the efficacy of the 52-week anchoring effect as a global phenomenon, for several reasons.…”