The long-run abnormal returns following both stock repurchases and seasoned equity offerings disappear for the events in the most recent decade. The disappearance is associated with the changing market environment – increased institutional investment, decreased trading costs, improved...

Research aims: The purpose of this paper is to examine the impact of open market share repurchases on stock liquidity of listed companies in Thailand.Design/ Methodology/Approach: The sample includes 3,055 actual share repurchases made by 75 listed firms in the Stock Exchange of Thailand (SET)...

The buyback anomaly survives when using the five factor Fama and French (2015) and the four factor Stambaugh and Yuan (2016) models: buyback announcements are followed by positive long-term excess returns that are positively related to (idiosyncratic) volatility, inconsistent with the low...

If a firm repurchases its own shares to signal that they are undervalued then the stock price should increase to its intrinsic level. However, it is not clear whether the price should monotonically increase to its intrinsic level or instead could reach equilibrium through a more dynamic process...

This paper analyzes changes in firms' cash flows and discount rates around share repurchase announcements. Both cash flow and discount rate volatility decrease significantly after repurchase announcements. The decrease in volatility is smallest for firms that are likely to be underpriced and...

Share Buyback is one of the tools introduced in Indian financial scenario recently. Many Indian companies have gone repeatedly for the usage of this tool in order to enhance their basic value. The post buyback impact on share prices has been measured by taking a sample of companies which went...

Buybacks is fast emerging as an effective alternative corporate payout policy. Buyback announcements are important events that create temporary market reactions in form of changes in stock prices, liquidity, volatility and other parameters. This study scans for the first time for Indian capital...

Previous studies suggest that the market perceives IPOs as bad news (i.e., competitive threats) to existing firms in the same industry. At the same time, the market has a tendency to be overly optimistic about IPO prospects, especially during hot IPO markets. Thus, the negative industry rival...

We use new data from SEC filings to investigate how S&P 500 firms execute their open market repurchase programs. We find that smaller S&P 500 firms repurchase less frequently than larger firms, and at a price which is significantly lower than the average market price. Their repurchase activity...

We analyze the decision to announce an open market share repurchase and the share price reaction to the announcement. We use a conditional estimation approach which takes into account that the repurchase decision is made rationally and that, consequently, there is a potential selection bias....