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
TypeCommunication / Conférence
Conference titleFMA Europe (Financial Management Association International)
MetadataShow full item record
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 / KeywordsRepurchase; Open market; Euronext Paris; Liquidity; Timing
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