RT Journal Article SR Electronic T1 Mimicking Investment Strategies in Tender Offers: A Microstructure Approach JF The Journal of Trading FD Institutional Investor Journals SP 52 OP 60 DO 10.3905/jot.2011.6.3.052 VO 6 IS 3 A1 Igor Semenenko YR 2011 UL https://pm-research.com/content/6/3/52.abstract 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