
Actual share repurchases, timing and liquidity
Hamon, Jacques; Ginglinger, Edith (2007), Actual share repurchases, timing and liquidity, Journal of Banking and Finance, 31, 3, p. 915-938. http://dx.doi.org/doi:10.1016/j.jbankfin.2006.07.006
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Type
Article accepté pour publication ou publiéDate
2007-03Journal name
Journal of Banking and FinanceVolume
31Number
3Publisher
Elsevier
Pages
915-938
Publication identifier
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Show full item recordAbstract (EN)
Research on the impact of open market share repurchases has been hindered by the lack of data available on actual share repurchases in many countries, including the US. Using a previously unused database containing detailed information on 36,848 repurchases made by 352 French firms, we show that corporate share repurchases have a significant adverse effect on liquidity as measured by bid–ask spread or depth. Our results also indicate that share repurchases largely reflect contrarian trading rather than managerial timing ability.Subjects / Keywords
Liquidity; Timing; Repurchase; Microstructure; Corporate; Finance; Euronext ParisRelated items
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