Kadapakkam, Palani-Rajan; Seth, Sarabjeet - In: The Financial Review 32 (1997) 4, pp. 779-99
Capital gains taxes are conjectured to explain upward sloping supply curves in tender offers. This paper analyzes expiration day returns in Dutch auction tender offers to examine this conjecture. A proxy measure for the capital gains of the marginal tendering stockholder is constructed, based on...