Operating Determinants of Premiums on Self-Tender Offers
研究公司为何在自我要约回购股票时支付溢价，发现溢价与股票供给弹性、税收导致的股价非弹性、公告信息含量及公司规模等因素相关。
We investigate why firms pay a premium when making a tender offer to repurchase shares, and if the size of the premium is related to the elasticity of the supply curve for the firm’s stock. We find that premiums on self-tender offers are related to characteristics of tendering firms, and to variables that are proxies both for the capital gains and for the information content of the announcement. Our results indicate that stock price inelasticity, caused by taxes, is an important determinant of offer premiums for fixed-price self-tender offers. We also find that the information conveyed by the offer, measured by the post-expiration appreciation of the firm’s stock, is contained in the tender offer premium, and that offer premiums are inversely related to firm size and to preoffer stock performance. In addition, we present evidence that share repurchase tender offers may frequently be oversubscribed by design.