Managers' Trading around Stock Repurchases

D Scott Lee, Wayne H Mikkelson and M Megan Partch

Journal of Finance, 1992, vol. 47, issue 5, 1947-61

Abstract: The authors analyze personal open market trades by managers around stock repurchases by tender offer. With the exception of Dutch auction offers, managers trade their firm's shares prior to repurchase announcements as though repurchases convey favorable inside information to outsiders. Prior to fixed price repurchase offers that do not follow takeover-related events, managers increase their buying and reduce their selling of their firm's shares. Prior to repurchases that follow takeover-related events, only a decrease in selling is found. No abnormal trading precedes Dutch auction repurchase offers. Copyright 1992 by American Finance Association.

Date: 1992
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