Lakonishok, Josef; Vermaelen, Theo - In: Journal of Finance 45 (1990) 2, pp. 455-77
This paper reports anomalous price behavior around repurchase tender offers. Buying shares before the expiration date of a repurchase tender offer and tendering to the firm produces, on average, abnormal returns of more than 9 percent over a period shorter than one week. In addition, the authors...