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(Dutch) Auction Share Repurchases

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  • Gay, Gerald D
  • Kale, Jayant R
  • Noe, Thomas H

Abstract

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 analyzing the actual tender premiums paid by firms completing dutch auction share repurchases. Copyright 1996 by The London School of Economics and Political Science.

Suggested Citation

  • Gay, Gerald D & Kale, Jayant R & Noe, Thomas H, 1996. "(Dutch) Auction Share Repurchases," Economica, London School of Economics and Political Science, vol. 63(249), pages 57-80, February.
    • Handle: RePEc:bla:econom:v:63:y:1996:i:249:p:57-80
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    Cited by:

    1. Li, Zhen & Kuo, Ching-Chung, 2011. "Revenue-maximizing Dutch auctions with discrete bid levels," European Journal of Operational Research, Elsevier, vol. 215(3), pages 721-729, December.
    2. Ronald W. Best & Roger J. Best & Charles W. Hodges, 1998. "The Effect Of Self-Tender Offers On Earnings Expectations," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 21(2), pages 123-138, June.
    3. Ang, James S. & Kraizberg, Elli, 2004. "An analysis of a strategy for management to separate and reward supportive shareholders," Journal of Corporate Finance, Elsevier, vol. 10(4), pages 639-658, September.
    4. Zhen Li & Ching-Chung Kuo, 2013. "Design of discrete Dutch auctions with an uncertain number of bidders," Annals of Operations Research, Springer, vol. 211(1), pages 255-272, December.

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