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Communication dans un congrès Année : 2004

Actual share repurchases, timing and liquidity

Edith Ginglinger
  • Fonction : Auteur
  • PersonId : 838828
Jacques Hamon
  • Fonction : Auteur
  • PersonId : 838829

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-00149200, version 1 (24-05-2007)

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  • HAL Id : halshs-00149200 , version 1

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Edith Ginglinger, Jacques Hamon. Actual share repurchases, timing and liquidity. FMA Europe, 2004, Zurich, Switzerland. ⟨halshs-00149200⟩
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Dernière date de mise à jour le 05/05/2024
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