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Article dans une revue Journal of Banking and Finance Année : 2007

Actual share repurchases, timing and liquidity

Edith Ginglinger
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Jacques Hamon
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Résumé

Research on the impact of open market share repurchases has been hindered by the lack of data available on actual share repurchases in many countries, including the US. Using a previously unused database containing detailed information on 36,848 repurchases made by 352 French firms, we show that corporate share repurchases have a significant adverse effect on liquidity as measured by bid–ask spread or depth. Our results also indicate that share repurchases largely reflect contrarian trading rather than managerial timing ability.
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Dates et versions

halshs-00136568, version 1 (25-03-2007)

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Edith Ginglinger, Jacques Hamon. Actual share repurchases, timing and liquidity. Journal of Banking and Finance, 2007, 31 (3), pp.915-938. ⟨10.1016/j.jbankfin.2006.07.006⟩. ⟨halshs-00136568⟩
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