Arbeitspapier
Do firms buy their stock at bargain prices? Evidence from actual stock repurchase disclosure
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 is followed by a positive and significant abnormal return which lasts up to three months after the repurchase. These findings do not hold for large S&P 500 firms. Our interpretation is that small firms repurchase strategically, whereas the repurchase activity of large firms is more focused on the disbursement of free cash.
- Sprache
-
Englisch
- Erschienen in
-
Series: CFS Working Paper ; No. 2011/17
- Klassifikation
-
Wirtschaft
Information and Market Efficiency; Event Studies; Insider Trading
Corporate Finance and Governance: General
Payout Policy
- Thema
-
Stock Repurchases
Stock Buybacks
Payout Policy
Timing
Bid-Ask Spread
Liquidity
Aktienrückkauf
Betriebsgröße
Börsenkurs
Bid-Ask Spread
Betriebliche Liquidität
USA
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Ben-Rephael, Azi
Oded, Jacob
Wohl, Avi
- Ereignis
-
Veröffentlichung
- (wer)
-
Goethe University Frankfurt, Center for Financial Studies (CFS)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2011
- Handle
- URN
-
urn:nbn:de:hebis:30-115334
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Ben-Rephael, Azi
- Oded, Jacob
- Wohl, Avi
- Goethe University Frankfurt, Center for Financial Studies (CFS)
Entstanden
- 2011
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