(DUTCH) AUCTION SHARE REPURCHASES

Authors
GAY GD KALE JR NOE TH
Citation
Gd. Gay et al., (DUTCH) AUCTION SHARE REPURCHASES, Economica, 63(249), 1996, pp. 57-80
Citations number
16
Categorie Soggetti
Economics
Journal title
Economica → ACNP
ISSN journal
00130427
Volume
63
Issue
249
Year of publication
1996
Pages
57 - 80
Database
ISI
SICI code
0013-0427(1996)63:249<57:(ASR>2.0.ZU;2-O
Abstract
Optimal shareholder bidding strategies in a dutch auction share repurc hase are derived when shareholder heterogeneity could be due to either differential expectations regarding the firm's future earnings or dif ferential tax bases. Predictions of the theory are tested by analysing the actual tender premiums paid by firms completing dutch auction sha re repurchases.