search query: @indexterm Tender offers / total: 102
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| Author: | Ratner, M. Szewczyk, S. H. Tsetsekos, G. P. |
| Title: | The informational role of tender offer stock repurchases : evidence from institutional ownership |
| Journal: | Journal of Business Finance and Accounting
1996 : JUL, VOL. 23:5&6, p. 869-880 |
| Index terms: | TENDER OFFERS COMPANY OWNERSHIP STOCK REPURCHASES |
| Language: | eng |
| Abstract: | This paper tests the proposition that announcements of tender offer repurchases have greater informational value for firms with low institutional ownership. An inverse relationship is reported between the magnitude of announcement period abnormal returns and the level of institutional ownership in the repurchasing firm. The evidence also suggests that firms with low institutional ownership are more likely to announce repurchase tender offers. After controlling for industry and firm size, it is found that firms announcing repurchase tender offers have lower institutional ownership than a control sample of firms. |
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