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Two Essays on Self Tender Offers

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  • Gray, Wesley

Abstract

This two chapter body of work examines empirical and theoretical aspects of self-tender offers. The first chapter is an empirical study of self-tender offers. This section gives the reader an opportunity to understand some of the simple mechanics and issues regarding self-tender offers in the context of closed-end funds. This section also introduces the reader to the self-tender offer anomaly. The second chapter takes the study of self-tender offers one step further. The second chapter is a theoretical study which seeks to answer questions regarding the self-tender offer anomaly.

Suggested Citation

  • Gray, Wesley, 2005. "Two Essays on Self Tender Offers," MPRA Paper 11919, University Library of Munich, Germany, revised 30 Nov 2005.
    • Handle: RePEc:pra:mprapa:11919
    as

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    File URL: https://mpra.ub.uni-muenchen.de/11919/1/MPRA_paper_11919.pdf
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    References listed on IDEAS

    as
    1. Kadapakkam, Palani-Rajan & Seth, Sarabjeet, 1994. "Trading Profits in Dutch Auction Self-Tender Offers," Journal of Finance, American Finance Association, vol. 49(1), pages 291-306, March.
    2. Lakonishok, Josef & Vermaelen, Theo, 1990. "Anomalous Price Behavior around Repurchase Tender Offers," Journal of Finance, American Finance Association, vol. 45(2), pages 455-477, June.
    3. Barberis, Nicholas & Thaler, Richard, 2003. "A survey of behavioral finance," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 18, pages 1053-1128, Elsevier.
    4. Shleifer, Andrei & Vishny, Robert W, 1997. "The Limits of Arbitrage," Journal of Finance, American Finance Association, vol. 52(1), pages 35-55, March.
    5. Ikenberry, David & Lakonishok, Josef & Vermaelen, Theo, 1995. "Market underreaction to open market share repurchases," Journal of Financial Economics, Elsevier, vol. 39(2-3), pages 181-208.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Alokparna (Sonia) Basu Monga & Deborah Roedder John, 2008. "WHEN DOES NEGATIVE BRAND PUBLICITY HURT? The Moderating Influence of Analytic Versus Holistic Thinking," Working Papers 0044, College of Business, University of Texas at San Antonio.
    2. Karan Bhanot & Valeria Martinez & Palani-Rajan Kadapakkam & Sinan Yildirim, 2008. "Trading Profits in Closed-End Fund Tender Offers," Working Papers 0048, College of Business, University of Texas at San Antonio.
    3. Palani-Rajan Kadapakkam & Hongxian Zhang & Sinan Yildirim, 2021. "A reexamination of the tendering profit anomaly," Review of Quantitative Finance and Accounting, Springer, vol. 56(4), pages 1475-1501, May.

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    More about this item

    Keywords

    tender offers; self tender offers; closed end funds; trading strategies; arbitrage;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets

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