Event study repurchase shares

An Event Study: The Market Reactions to Share Repurchase ...

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This study examines the market reactions to share repurchase announcements made by companies listed on the Johannesburg Stock Exchange from 2003 to 2012. We use an event study methodology and the Capital Asset Pricing Model to determine if there is an announcement effect when a share repurchase announcement is made.

An Event Study: The Market Reactions to Share Repurchase ...

Event Study Analysis: Open Market Share Repurchases and ...

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Event Study Analysis: Open Market Share Re- purchases and Semi-strong Efficient Markets Ilan Koren - BSc Management - 120005312 Ramzi Flayhan – BSc Business Studies - 120013835 Richard Knudsen – Exchange – 140043903 Abstract This report uses event study methodology to examine the effect two of open market share repurchase announcements made by Morgan Stanley and AIG in 2013 on the …

Event Study Analysis: Open Market Share Repurchases and ...

Share Repurchase Definition - Investopedia

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11/27/2003 · A share repurchase is a transaction whereby a company buys back its own shares from the marketplace, reducing the number of outstanding shares and increasing the demand for the shares.

Share Repurchase Definition - Investopedia

Open Market Versus Tender Offer Share Repurchases: A ...

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Request PDF on ResearchGate | Open Market Versus Tender Offer Share Repurchases: A Conditional Event Study | This paper examines firms' choice of the repurchase program and the links between that ...

Open Market Versus Tender Offer Share Repurchases: A ...

Open Market versus Tender Offer Share Repurchases: A ...

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Open Market versus Tender Offer Share Repurchases: A Conditional Event Study Abstract This paper examines firms’ choice of the repurchase program and the links between that choice, the determination of repurchase terms, and the announcement period price reaction. Our conditional event study shows that firms choose tender offers when they have ...

Open Market versus Tender Offer Share Repurchases: A ...

Dividend vs Share Buyback - Trade Off Between Yield and EPS

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The dividends will flow out of retained earnings but the shares outstanding will remain the same. A buyback will reduce the share capital account and reduce the number of shares outstanding in the model. Learn more in CFI’s financial modeling courses! Additional resources. This has been a guide to the dividend vs share buyback debate.

Dividend vs Share Buyback - Trade Off Between Yield and EPS

Disentangling the repurchase announcement: An event study ...

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Disentangling the Repurchase Announcement An Event Study to the Purpose of Repurchases Robin Wilber ABSTRACT Researchers have consistently shown that a firm’s repurchase announcement is met with positive abnormal stock price return reactions. Open-market repurchases are

Disentangling the repurchase announcement: An event study ...

The impact of share repurchases - Investopedia

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11/20/2013 · A share repurchase or buyback simply refers to a publicly traded company purchasing its own shares from the marketplace. Along with dividends, share repurchases are an …

The impact of share repurchases - Investopedia

The Decision to Repurchase, Announcement Returns and ...

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This study examines the role of insider holdings in affecting the decision to announce a repurchase and the associated announcement period stock returns using a conditional event study methodology.

The Decision to Repurchase, Announcement Returns and ...

Share Repurchase Research Papers - Academia.edu

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This paper examines share price reaction surrounding actual share repurchases made by Malaysian listed firms from 2001 until 2005. Using event study methodology and the market model, the evidence indicates that a significant increase in share prices occurs …

Share Repurchase Research Papers - Academia.edu

Data Appendix to “Stock Buybacks and Corporate Cashouts ...

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the repurchase announcement, but the day of and immediately following the announcement the stock performs well above the market. We test whether the cumulative abnormal return of the buyback companies significantly differs from that of the market with an event study, with results reported in …

Data Appendix to “Stock Buybacks and Corporate Cashouts ...

2. Buyback-Event Study.pdf - International Journal of ...

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Eighty-six repurchase announcements from 69 companies listed on Stock Exchange of Thailand (SET) have been made during December 14, 2001- May 22, 2012 (two companies were delisted). This paper is to investigate whether repurchase announcement has any effect on the abnormal return of the listed firms or not. Event study methodology is employed.

2. Buyback-Event Study.pdf - International Journal of ...

CFA 38: Dividends and Share Repurchases Flashcards | Quizlet

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CFA 38: Dividends and Share Repurchases. STUDY. PLAY. ... The company decides to use £10 million in idle cash to repurchase shares in the open market. The company's shares are trading at £50 per share. ... If a company's objective is to support its stock price in the event of a market downturn, it would be advised to authorize:

CFA 38: Dividends and Share Repurchases Flashcards | Quizlet

Stock repurchase and Arab Spring empirical evidence from ...

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Stock repurchase and Arab Spring empirical evidence from the ... negative abnormal stock market performance during the event and a positive abnormal stock-price performance after the event. This study tries to answer this question: are stock repurchase commonly used in MENA countries? ... .1067 (proxy2), 0.0994 (proxy3) and are all positive and ...

Stock repurchase and Arab Spring empirical evidence from ...

Credibility of Corporate Announcements and Market Reaction ...

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Credibility of Corporate Announcements and Market Reaction: Evidence from Canadian Share Repurchase Programs ... Share Repurchases, Event Study, Payout Policy, Credibility, Market Reaction JEL classification ... firms can use tender offers or Dutch auctions to repurchase shares. However, open-market share repurchases are by far the most popular ...

Credibility of Corporate Announcements and Market Reaction ...

Common Stock Repurchases: Case of Stock Exchange of Thailand

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Common Stock Repurchases: Case of Stock Exchange of Thailand Wiyada Nittayagasetwat, PhD Assumption University ... Event study methodology is employed. Sample covers 78 ... their treasury shares six months after the earlier of the day that they completely repurchase the shares (completion date) or after the implementation date. If the shares ...

Common Stock Repurchases: Case of Stock Exchange of Thailand

Open Market Repurchase Programs - Evidence from Finland

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The study covers all 293 share repurchase programs initiated between ... asymmetric information, abnormal return, event study 1. Introduction Share repurchase programs have during the past few decades become an important way of distributing cash to ... authorization to repurchase shares in the US, while a repurchase program has to be approved ...

Open Market Repurchase Programs - Evidence from Finland

The market valuation of share repurchases in Europe ...

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Table 1 reports the time lapsed from the initial announcement of intention to repurchase shares to the subsequent announcements made by the same firm through the following 10 years under study. The table shows that the overwhelming majority of the subsequent announcements (approximately 63%) occurred within the same year the initial announcement took place.

The market valuation of share repurchases in Europe ...

Anomalous Price Behavior Around Repurchase Tender Offers

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Anomalous Price Behavior Around Repurchase Tender Offers 457 One explanation for this behavior is that there might be offsetting benefits for the management team to compensate for the expropriation of their personal holdings. For example, the repurchase may present an impediment for a potential

Anomalous Price Behavior Around Repurchase Tender Offers

Stock Buyback: Why Do Companies Buy ... - Wealthy Education

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Stock Buyback: Why Do Companies Buy Back Their Own Stock? (You Must Know!) ... including a one-time scandal or negative news event, ... and a business often stands to save a significant amount of money when this difference far outweighs the cost to repurchase the shares. 5. …

Stock Buyback: Why Do Companies Buy ... - Wealthy Education

MANAGING THE ESOP REPURCHASE OBLIGATION – Business ...

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The study considers factors such as age of the participants, nature of the business, plan documents, loan terms and workforce assumptions regarding mortality, disability and turnover. The purpose of the ESOP Repurchase Liability Study is to project both the magnitude and the timing of the required cash flows to meet the obligation.

MANAGING THE ESOP REPURCHASE OBLIGATION – Business ...

4.47 Dividends and Share Repurchases: Basics Flashcards ...

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Start studying 4.47 Dividends and Share Repurchases: Basics. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Search. ... The second-to-last event in a dividend payment schedule is the holder-of-record date. ... or to repurchase shares from a potential acquirer after an unsuccessful takeover attempt.

4.47 Dividends and Share Repurchases: Basics Flashcards ...

Investment Opportunities and Share Repurchases

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evidence in support of the over-investment hypothesis, this study examines this rationale for repurchase from a unique perspective, empirically showing that project returns have an important influence on the decision to repurchase shares. Our sample of firms consists of

Investment Opportunities and Share Repurchases

Long-run Stock Performance following Stock Repurchases

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Long-run Stock Performance following Stock Repurchases Abstract Studies examining long-term performance after stock repurchases provide mixed results. I point out two substantive problems in samplings of early studies. First, we should distinguish whether or not firms actually repurchase shares following announcements of repurchase programs.

Long-run Stock Performance following Stock Repurchases

The Information Content of Share Repurchase Programs

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The Information Content of Share Repurchase Programs 655 we use in this study and presents several summary statistics. In Section III we present our findings on the operating performance of repurchasing firms and the revision in analysts’ earnings forecasts around share repurchase an-nouncements.

The Information Content of Share Repurchase Programs

Employee Stock Ownership Plans ESOP Repurchase Obligation ...

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Employee Stock Ownership Plans ESOP Repurchase Obligation Funding. 1 ... Many companies perform a repurchase liability study (RLS) to estimate their future liability. ... • Retains flexibility to repurchase or redeem shares • May provide additional financing and cost recovery options for nonqualified deferred

Employee Stock Ownership Plans ESOP Repurchase Obligation ...

A Test of Market Efficiency based on Share Repurchase ...

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This study tests market efficiency considering the corporate event of stock buyback announcements. Stock buyback or share repurchase is an act of a company to repurchase its own shares from the market either by tender offer or by open market operation. According to EMH stock prices in an efficient market fully reflect all available information.

A Test of Market Efficiency based on Share Repurchase ...

Managing the Repurchase Obligation Before it Becomes ...

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Managing the Repurchase Obligation Before it Becomes Unmanageable Tina DiCroce ESOP Economics, Inc. Tina Fisher . SES Advisors, Inc. Ann Caresani . Porter, Wright, Morris & Arthur LLP . OEOC. The 28th Annual Ohio Employee Ownership Conference “A Wealth of Opportunity: Employee Ownership Fuels Growth” April 24, 2014

Managing the Repurchase Obligation Before it Becomes ...
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