(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 analyzing the actual tender premiums paid by firms completing dutch auction share repurchases. Copyright 1996 by The London School of Economics and Political Science.
Year of publication: |
1996
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Authors: | Gay, Gerald D ; Kale, Jayant R ; Noe, Thomas H |
Published in: |
Economica. - London School of Economics (LSE). - Vol. 63.1996, 249, p. 57-80
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Publisher: |
London School of Economics (LSE) |
Saved in:
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