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Institutional Investors and Information Asymmetry: An Event Study of Self-Tender Offers
Article first published online: 9 APR 2003
DOI: 10.1111/1540-6288.00042
1540-6288/asset/cover.gif?v=1&s=48c193f10e40f82c80dcdcbdab38c03e500fdf46 "Financial Review")
Additional Information
How to Cite
O'Neill, M. and Swisher, J. (2003), Institutional Investors and Information Asymmetry: An Event Study of Self-Tender Offers. Financial Review, 38: 197–211. doi: 10.1111/1540-6288.00042
Publication History
- Issue published online: 9 APR 2003
- Article first published online: 9 APR 2003
- Abstract
- References
- Cited By
Keywords:
- institutions;
- asymmetric information;
- block
- G14/G20/G32
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.