DUTCH AUCTION REPURCHASES - AN ANALYSIS OF SHAREHOLDER HETEROGENEITY

被引：113

作者：

BAGWELL, LS

机构：

来源：

JOURNAL OF FINANCE | 1992年 / 47卷 / 01期

关键词：

D O I：

10.2307/2329091

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper documents that firms face upward-sloping supply curves when they repurchase shares in a Dutch auction, and it analyzes the market reaction to these offers. The announcement price increase is highly correlated with the ultimate repurchase premium. Prices decline at expiration only for pro-rated offers. The cumulative return is positive and highly correlated with the repurchase premium, excepting pro-rated offers. Much of this price increase is consistent with movement along an upward-sloping supply curve. Trading volume around the Dutch auction parallels fixed-price repurchases. Supply elasticity is larger for firms with large trading volume, firms included in the S&P 500 Index, and takeover targets.

引用

页码：71 / 105

页数：35

共 26 条

[1]

BAGWELL LS, 1991, AM ECON REV, V81, P218

[2] SHARE REPURCHASE AND TAKEOVER DETERRENCE [J].