Journal article
The informational role of tender offer stock repurchases: Evidence from institutional ownership
Journal of business finance & accounting, v 23(5,6), pp 869-880
01 Jul 1996
Abstract
A paper tests the proposition that announcements of tender offer repurchases have greater informational value for firms with low institutional ownership. It is reported that an inverse relationship between the magnitude of announcement period abnormal returns and the level of institutional ownership in the repurchasing firm. The evidence also suggests that firms with low institutional ownership are more likely to announce repurchase tender offers. After controlling for industry and firm size, it is found that firms announcing repurchase tender offers have lower institutional ownership than a control sample of firms.
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5 citations in Scopus
Details
- Title
- The informational role of tender offer stock repurchases: Evidence from institutional ownership
- Creators
- Mitchell RatnerSamuel SzewczykGeorge Tsetsekos
- Publication Details
- Journal of business finance & accounting, v 23(5,6), pp 869-880
- Publisher
- Blackwell Publishing Ltd
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Finance
- Scopus ID
- 2-s2.0-0007146191
- Other Identifier
- 991019173748604721