التفاصيل البيبلوغرافية
| العنوان: |
THE INFORMATIONAL ROLE OF TENDER OFFER STOCK REPURCHASES: EVIDENCE FROM INSTITUTIONAL OWNERSHIP. |
| المؤلفون: |
Ratner, Mitchell1, Szewcyzk, Samuel H.2, Tsetsekos, George P.2 |
| المصدر: |
Journal of Business Finance & Accounting. Jul96, Vol. 23 Issue 5/6, p869-880. 12p. 4 Charts, 2 Graphs. |
| مصطلحات موضوعية: |
Repurchase agreements, Mergers & acquisitions, Offer & acceptance (Contracts), Sale of business enterprises, Treasury stock, Stock exchanges |
| مستخلص: |
The article informs that a considerable body of research documents sizable share price reactions to announcements of tender offer repurchases of common stock. This study examines the informational value of repurchase announcements from the perspective of institutional ownership in the announcing firm. Institutional interest in the firm's common stock may affect the quantity and precision of information contained in preannouncement share prices. If so, the informational value of a firm's repurchase announcement would be related to the level of institutional ownership of the firm's common stock. Larger announcement period abnormal returns are associated with firms having low institutional ownership. The Federal Reserve reports that institutional holdings of common stock have increased from approximately 15 percent of total outstanding equity in 1968 to over 30 percent by 1986. Surveys show that institutional investors account for about 70 percent of New York Stock Exchange daily trading volume. |
| قاعدة البيانات: |
Finance Source |