(Dutch) Auction Share Repurchases

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.

Item Type: Article
Keywords: Stock repurchasing; Tender offers; Treasury stock; Sales forecasting; Corporations; finance
Subject(s): Finance
Date Deposited: 25 Mar 2012 19:31
Last Modified: 02 Mar 2017 10:43
Funders: N/A
URI: http://eureka.sbs.ox.ac.uk/id/eprint/2889

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