The Price Impact and Timing of Actual Share Repurchases in Norway
نویسندگان
چکیده
منابع مشابه
Managerial Timing and Corporate Liquidity: Evidence from Actual Share Repurchases
We investigate the timing of open market share repurchases and the resultant impact on firm liquidity. Using Hong Kong’s unique disclosure environment, we identify the exact implementation dates for over 5,000 equity buybacks. We find that managers exhibit substantial timing ability. Consistent with the information-asymmetry hypothesis, bid-ask spreads widen and depths narrow during repurchase ...
متن کاملActual Share Repurchases , Price Efficiency , and the Information Content of Stock Prices ∗
We examine the impact of share repurchases on the information content of stock prices using several measures of price efficiency. The study is based on manually collected data on share repurchases in the United States for the period 2004-2010. We find that share repurchases make prices more efficient. In particular, share repurchases increase the accuracy of the stock price after negative infor...
متن کاملthe u.s. policy in central asia and its impact on the colored revolutions in the region (the case study of tulip revolution in kyrgyzstan)
چکیده ندارد.
15 صفحه اولShare Repurchases and Employee Compensation
This paper focuses on the agency problem derived from the conict of interest between employees and shareholders. I show that if employees are compensated with restricted stock or stock options, shareholders may engage in opportunistic share repurchases. Equityholders have an incentive to buy back stock after employment contracts have been signed because repurchases increase compensation sensit...
متن کاملDividends, Share Repurchases, and the Substitution Hypothesis
We show that repurchases have not only became an important form of payout for U.S. corporations, but also that firms finance their share repurchases with funds that otherwise would have been used to increase dividends. We find that young firms have a higher propensity to pay cash through repurchases than they did in the past and that repurchases have become the preferred form of initiating a ca...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2021
ISSN: 1556-5068
DOI: 10.2139/ssrn.3796599