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

Authors: O'Neill M.1; Swisher J.2

Source: The Financial Review, Volume 38, Number 2, May 2003 , pp. 197-211(15)

Publisher: Blackwell Publishing

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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.

Keywords: institutions; asymmetric information; block; G14/G20/G32

Document Type: Research article

DOI: 10.1111/1540-6288.00042

Affiliations: 1: University of Idaho 2: Western Michigan University

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