کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1002957 937512 2012 21 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Is the market underreacting or overreacting to open market share repurchases? A UK perspective
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
پیش نمایش صفحه اول مقاله
Is the market underreacting or overreacting to open market share repurchases? A UK perspective
چکیده انگلیسی

Using UK open market repurchases, we reject the market underreaction hypothesis and the market overreaction hypothesis proposed by Ikenberry et al. (1995) and Peyer and Vermaelen (2009), respectively. The evidence suggests that the UK market reacts slowly to actual repurchases made by value firms. UK repurchases on average do not suffer from share undervaluation prior to the announcement. Value firms perform just as well as glamour firms during the authorisation period but outperform glamour firms significantly 2 years following the announcement. It turns out that value firms repurchase over 6% more shares than glamour firms during the authorisation period.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Research in International Business and Finance - Volume 26, Issue 1, January 2012, Pages 26–46
نویسندگان
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