TY - JOUR T1 - Mimicking Investment Strategies in Tender Offers: <em>A Microstructure Approach</em> JF - The Journal of Trading SP - 52 LP - 60 DO - 10.3905/jot.2011.6.3.052 VL - 6 IS - 3 AU - Igor Semenenko Y1 - 2011/06/30 UR - https://pm-research.com/content/6/3/52.abstract N2 - This article studies information content of order imbalance using a sample of tender offers in 1993 to 2006. Order imbalance measures are statistically significant, but their economic effect appears small. Order imbalances could be used by market regulators to document information leakage, but not by uninformed investors to design profitable investment strategies.TOPICS: Statistical methods, exchanges/markets/clearinghouses, information providers/credit ratings ER -