haku: @author Jarrell, G.A. / yhteensä: 2
viite: 2 / 2
« edellinen | seuraava »
Tekijä: | Comment, R. Jarrell, G.A. |
Otsikko: | The relative signalling power of Dutch- auction and fixed-price self-tender offers and open-market share repurchases |
Lehti: | Journal of Finance
1991 : SEP, VOL. 46:4, p. 1243-1271 |
Asiasana: | TENDER OFFERS STOCK MARKETS NETHERLANDS SHARE PRICES |
Kieli: | eng |
Tiivistelmä: | Three forms of common stock repurchases are compared. Dutch-auction self-tender offers and open-market share repurchase programs are weaker signals of stock undervaluation than fixed-price self-tender offers. The price increase from buyback announcements is greater when insider wealth is at risk, greater following negative net-of-market stock returns, and unrelated to prior market returns. Buyback announcement returns are also increasing in the fraction of shares sought, which is consistent with both signalling and an upward-sloping supply curve for stock. |
« edellinen | seuraava »
SCIMA