PT  - JOURNAL ARTICLE
AU  - Igor Semenenko
TI  - Mimicking Investment Strategies in Tender Offers: <em>A Microstructure Approach</em>
AID  - 10.3905/jot.2011.6.3.052
DP  - 2011 Jun 30
TA  - The Journal of Trading
PG  - 52--60
VI  - 6
IP  - 3
4099  - https://pm-research.com/content/6/3/52.short
4100  - https://pm-research.com/content/6/3/52.full
AB  - 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