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Actual share repurchases, timing and corporate liquidity

Hamon, Jacques; Ginglinger, Edith (2003), Actual share repurchases, timing and corporate liquidity, AFFI (Association Française de Finance), 2003-12, Paris, France

Type
Communication / Conférence
Date
2003
Conference title
AFFI (Association Française de Finance)
Conference date
2003-12
Conference city
Paris
Conference country
France
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
Open market share repurchases; Liquidity
JEL
G35 - Payout Policy
G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
G14 - Information and Market Efficiency; Event Studies; Insider Trading

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