Noe, Thomas, Gay, Gerald and Kale, Jayant R (1996) (Dutch) Auction Share Repurchases. Economica, 63 (249). pp. 57-80.
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 analysing the actual tender premiums paid by firms completing dutch auction share repurchases.
|Keywords:||Stock repurchasing; Tender offers; Treasury stock; Sales forecasting; Corporations|
|Centre:||Faculty of Finance|
|Date Deposited:||25 Mar 2012 19:31|
|Last Modified:||23 Oct 2015 14:07|
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