Market Timing Ability of Indian Firms in Open Market Repurchases
نویسندگان
چکیده
منابع مشابه
Open Market Repurchases: Signaling or Managerial Opportunism?
Managers conduct open market repurchases ("OMRs") for many different reasons, including to distribute excess cash. However, the most widely discussed explanation for OMRs is the "signaling theory": that managers announce OMRs to signal that the stock is underpriced. The first purpose of this paper is to show that the signaling theory is theoretically problematic—in part because it assumes manag...
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15 صفحه اولOpen-market Repurchase Announcements, Actual Repurchases, and Stock Price Behavior in Inefficient Markets
In the efficient market framework, it seems difficult to explain why a firm would actually buy back its outstanding shares after the stock price goes up in response to an open-market repurchase announcement. We introduce the subject of market inefficiency in a way similar to the explanation of Shleifer and Vishny (1990, 1997) and reexamine corporate open-market repurchase strategy and stock pri...
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There is debate in the literature focuses on whether open market repurchases can be taken as a signal of stock undervaluation. This research argues that takeover pressures before a repurchase announcement can be a credible signal of undervaluation. The empirical results indicate that repurchasing firms with a higher probability of takeover experience greater announcement effects, improvements i...
متن کاملWhy Do Firms Announce Open - Market Repurchase Programs ? 1
Empirically, a price increase accompanies the announcement of an open-market stock repurchase program, even though the announcement is not a commitment. In fact, for many announced programs, no shares are ever actually repurchased. This paper explores this puzzle. In the single-firm-type version of the model, the option a firm grants itself by announcing a program does not generate announcement...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2013
ISSN: 1556-5068
DOI: 10.2139/ssrn.2360417