We examine the initial shareholdings taken by bidders prior to making tender offer bids ("toeholds") in order to test predictions of selected models of tender offers. Our data suggest a significantly negative relationship between first bidder premia and toeholds, which is consistent with the models of Shleifer and Vishny (1986) and Hirshleifer and Titman (1990), but inconsistent with the models of Harrington and Prokop (1993), Chowdhry and Jagadeesh (1994), and Burkart (1995).
Review of Quantitative Finance and Accounting – Springer Journals
Published: Oct 15, 2004
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