Previous research documents positive ex-dividend day returns in excess of one percent in the unique institutional setting of Hong Kong, where neither dividends nor capital gains are taxed. Short-term arbitrage trades around the ex-day were hampered by physical settlement procedures. After the...

The authors document abnormal trading profits in Dutch auction self-tenders. Tender period profits--buying after announcement and selling just before expiration--are 1.74 percent. Buying just before expiration and tendering yields abnormal profits of 1.36 percent. Total profits from buying just...