Institutional Investors and Information Asymmetry: An Event Study of Self‐Tender Offers

Michele O'Neill and Judith Swisher

The Financial Review, 2003, vol. 38, issue 2, 197-211

Abstract: Our research compares the asymmetric information costs of firms with low levels of institutional ownership to those with high levels. We use self‐tender offers as an information event. Our results show that higher institutional ownership, particularly a higher number of institutional investors, is associated with a lower degree of informed trading. These results persist even after we control for differences in trading activity among our sample firms.

Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:bla:finrev:v:38:y:2003:i:2:p:197-211

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