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
TypeCommunication / Conférence
Conference titleAFFI (Association Française de Finance)
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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 / KeywordsOpen market share repurchases; Liquidity
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