Discussion of 'Arbitrage-Free Valuation of Exhaustible Resource Firms.'

Article Abstract:

The most significant of all financial principles is the no-arbitrage argument. The formulation of relationships between financial variables frequently has been based on the fact that until arbitrage opportunities are exhausted, prices will continue to fluctuate. In applying this principle to an oil firm using oil futures prices to value unextracted petroleum reserves on land and to compare this value to an equity market value and two other measures, authors Milan Lehocky's and Dean A. Paxson's paper will undoubtedly stimulate further research.

Crude Petroleum and Natural Gas Extraction, Crude petroleum and natural gas, Oil & Gas Fields, Criticism and interpretation, Natural gas fields, Oil fields, Valuation, Nonrenewable natural resources, Nonrenewable resources, Lehocky, Milan, Paxson, Dean A.

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The informational role of tender offer stock repurchases: evidence from institutional ownership

Article Abstract:

Announcements of tender offer stock repurchases provide new information about company prospects and have higher informational value for firms with low institutional ownership. The size of announcement period abnormal returns is inversely related to the level of institutional ownership of the announcing firm. Furthermore, companies announcing tender offers are found to have lower institutional ownership compared to non-tendering ones.

Capital Management-Stock Repurchase, Analysis, Stock redemption, Tender offers (Securities), Tender offers

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