This study investigates capital structure around 286 self-tender offers from 1980 to 1997. Firms that undertake self-tender offers generally have debt ratios below their predicted levels before the offers. The debt ratios following nondefensive self-tender offers are close to predicted levels, while the ratios following defensive self-tender offers are above predicted levels. Further, 20% and 43% of the debt ratings are downgraded following nondefensive and defensive self-tender offers, respectively. Finally, the increases in debt ratios around the offers are negatively related to the difference from the predicted debt ratio before the offers.
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Article provided by University of Chicago Press in its journal Journal of Business.
Volume (Year): 75 (2002) Issue (Month): 4 (October) Pages: 609-640 Download reference. The following formats are available: HTML
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