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Anomalous Price Behavior Around Repurchase Tender Offers
Abstract
This paper reports anomalous price behavior around repurchase tender offers. Buying shares before the expiration date of a repurchase tender offer and tendering to the firm produces, on average, abnormal returns of more than 9 percent over a period shorter than one week. In addition, we find that repurchasing companies experience economically and statistically significant abnormal returns in the two years after the repurchase. The upward price drift is mainly caused by the behavior of the small firms in the sample.
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Citations
Cites
Managerial control of voting rights
Stulz, R. (1988) · Journal of Financial Economics · doi:10.1016/0304-405x(88)90039-6 · Cited by 2,429
Cited by
Fama (1998) · doi:10.1016/s0304-405x(98)00026-9 · Cited by 2,576
Does the stock market fully value intangibles? Employee satisfaction and equity prices
Edmans, A. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.03.021 · Cited by 2,511
Measuring long-horizon security price performance
Kothari, S. P., & Warner, J. B. (1997) · Journal of Financial Economics · doi:10.1016/s0304-405x(96)00899-9 · Cited by 991
The Disposition Effect and Underreaction to News
FRAZZINI, A. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00896.x · Cited by 874
COMMENT, R., & JARRELL, G. A. (1991) · The Journal of Finance · doi:10.1111/j.1540-6261.1991.tb04617.x · Cited by 616
Metadata
- Authors
- LAKONISHOK, J., & VERMAELEN, T.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1990-06
- Volume
- 45
- Issue
- 2
- Pages
- 455-477
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2171353516
- Cited by
- 400
- References
- 1
- FWCI
- 20.20
- Type
- journal article
- Language
- en
- Open access
- closed
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- LAKONISHOK, J., & VERMAELEN, T. (1990). Anomalous Price Behavior Around Repurchase Tender Offers. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1990.tb03698.x
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
