haku: @author Kale, J. / yhteensä: 2
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Tekijä: | Gay, G. Kale, J. Noe, T. |
Otsikko: | Auction share repurchases |
Lehti: | Economica
1996 : FEB, VOL. 63:249, p. 57-80 |
Asiasana: | NETHERLANDS AUCTIONS SHARES |
Kieli: | eng |
Tiivistelmä: | Optimal shareholder bidding strategies in a dutch auction share repurchase are derived when shareholder heterogeneity could be due to either differential expectations regarding the firm's future earnings or differential tax bases. Predictions of the theory are tested by analyzing the actual tender premiums paid by firms completing dutch auction share repurchases. Under the dutch auction share repurachse method, the firm sets a range of prices from which each shareholder who elects to tender must select a single price at which to tender. |
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