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Actual share repurchases, timing and corporate liquidity

Hamon, Jacques; Ginglinger, Edith (2004), Actual share repurchases, timing and corporate liquidity, FMA Europe (Financial Management Association International), 2004, Zurich, Suisse

Type
Communication / Conférence
Date
2004
Conference title
FMA Europe (Financial Management Association International)
Conference date
2004
Conference city
Zurich
Conference country
Suisse
Pages
39
Metadata
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Author(s)
Hamon, Jacques
Ginglinger, Edith
Abstract (EN)
Research on the impact of open market share repurchases has been hindered by the lack of dataavailable on actual share repurchases in many countries, including the US. Using a previouslyunused 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 measuredby bid–ask spread or depth. Our results also indicate that share repurchases largely reflect contrariantrading rather than managerial timing ability.
Subjects / Keywords
Repurchase; Open market; Euronext Paris; Liquidity; Timing
JEL
G14 - Information and Market Efficiency; Event Studies; Insider Trading
G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
G35 - Payout Policy

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