Determinants of Institutional Responses to Self–Tender Offers

Judith Swisher

The Financial Review, 2002, vol. 37, issue 3, 369-383

Abstract: I examine how institutional investors respond to self–tender offers for common shares. I find that institutions sell more shares in larger offers and with higher proration factors. Institutions also sell more shares when officer and director holdings are not at risk in the offers. Banks, investment advisors, and other managers respond similarly, selling more shares in larger offers. Although institutions as a group do not respond differently by offer type, insurance companies and investment advisors sell more shares in fixed–price offers. Mutual funds, which differ from other types of institutions, sell more shares for firms with greater increases in leverage.

Date: 2002
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