This paper re-examines the impact of the EU Market Abuse Directive (MAD) on the market reaction around share repurchase announcements. We use a unique hand-collected dataset of firms listed on the Athens Stock Exchange, and we find evidence that contrasts with previous conclusions for large...

This paper re-examines the impact of the EU Market Abuse Directive (MAD) on the market reaction around share repurchase announcements. We use a unique hand-collected dataset of firms listed on the Athens Stock Exchange, and we find evidence that contrasts with previous conclusions for large...

The stock market reaction around the announcement date of actual share repurchases, the factors that affect the size of that reaction, and the motives behind share acquisitions are examined. A unique, hand-collected dataset is used, including public announcements of companies traded on the...

This paper examines open market stock repurchases by Greek firms, using a unique dataset covering the period 2000-2010. Positive and statistically significant cumulative average abnormal returns are observed around the date of repurchase program authorizations. Investors react more to...

Using a unique, hand-collected data set of actual daily share repurchases from the Athens Stock Exchange, we examine the stock market reaction around the disclosure date of actual share repurchases, the factors that affect the size of that reaction, and the motives behind share acquisitions. We...

Using a unique, hand-collected data set of actual daily share repurchases from the Athens Stock Exchange, we examine the stock market reaction around the disclosure date of actual share repurchases, the factors that affect the size of that reaction, and the motives behind share acquisitions. We...

Using a unique, hand-collected data set of actual daily share repurchases from the Athens Stock Exchange, we examine the stock market reaction around the disclosure date of actual share repurchases, the factors that affect the size of that reaction, and the motives behind share acquisitions. We...

In the barrier option model of corporate security valuation, the firm’s creditors impose a default-triggering barrier on the firm value to protect their claim. Two disputed issues in the literature are whether the implied default barrier is positive, and whether it is above or below the book...

We infer the asset value dynamics of European firms during the Russia-Ukraine war via the structural model of Merton (1974). Using high-frequency stock price data, we find that the war led to lower corporate security prices and higher asset volatility, eventually shifting asset values closer to...