Anomalous Price Behavior Around Repurchase Tender Offers
发现回购要约到期前买入并提交股票可获得超过9%的异常收益，且回购后两年内公司仍有显著正向价格漂移，主要由小公司驱动。
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.