کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5088205 1478304 2016 60 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Sensitivity to investor sentiment and stock performance of open market share repurchases
ترجمه فارسی عنوان
حساسیت به احساسات سرمایه گذار و عملکرد سهام باز بازار سهم بازپرداخت
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
This paper finds that stocks of repurchasers with high sensitivity to investor sentiment are more likely to be mispriced. Thus, such repurchases are followed by superior post-buyback stock performance. This abnormal return associated with sensitivity to sentiment cannot be explained by other undervaluation factors: book-to-market or prior return effects. My results are robust with factor model analysis and controls for contamination effects. I conclude that this sentiment-driven undervaluation may result from the difficulty to value and/or limits to arbitrage rather than investor overreaction.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 71, October 2016, Pages 75-94
نویسندگان
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