(Dutch) Auction Share Repurchases

Optimal shareholder bidding strategies in a dutch auction share repurchase are derived when shareholder heterogeneity could be due to either differential expectations regarding the firm's future earnings or differential tax bases. Predictions of the theory are tested by analysing the actual tender premiums paid by firms completing dutch auction share repurchases.

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Year of publication:	1996-02
Authors:	Noe, Thomas ; Gay, Gerald ; Kale, Jayant R

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Type of publication:	Article
Language:	English
Notes:	Noe, Thomas, Gay, Gerald and Kale, Jayant R (1996) (Dutch) Auction Share Repurchases. Economica, 63 (249). pp. 57-80.
Source:	BASE

Persistent link: https://www.econbiz.de/10011424764