search query: @author Kale, J. R. / total: 3
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| Author: | Kale, J. R. Noe, T. H. Gay, G. D. |
| Title: | Share repurchase through transferable put rights. Theory and case study |
| Journal: | Journal of Financial Economics
1989 : NOV, VOL. 25:1, p. 141-160 |
| Index terms: | SHARES SHARE OWNERSHIP SHAREHOLDERS RIGHTS ISSUES STOCK OPTIONS PURCHASING |
| Language: | eng |
| Abstract: | The effect of share repurchase through transferable put rights (TPRs) on shareholder wealth and corporate control is investigated. TPRs make the put option, which is implicit in a tender offer, marketable. Shareholders who do not tender their shares increase their proportional ownership of the firm and extract some of the gains of the tender offer from exiting shareholders. Finally TPRs improve tax efficiency by ensuring that only shareholders who have the highest tax bases will tender. |
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