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Signaling Power of Open Market Share Repurchases in Germany

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  • Andreas Hackethal

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  • Alexandre Zdantchouk
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    Abstract

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    File URL: http://hdl.handle.net/10.1007/s11408-006-0011-9
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    Bibliographic Info

    Article provided by Springer in its journal Financial Markets and Portfolio Management.

    Volume (Year): 20 (2006)
    Issue (Month): 2 (June)
    Pages: 123-151

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    Handle: RePEc:kap:fmktpm:v:20:y:2006:i:2:p:123-151

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    Web page: http://www.springerlink.com/link.asp?id=119763

    Related research

    Keywords: Open market share repurchases; Event study; Undervaluation signaling; Repurchase policy and regulation; G14; G35;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. William J. McNally, 1999. "Open Market Stock Repurchase Signaling," Financial Management, Financial Management Association, vol. 28(2), Summer.
    2. Vermaelen, Theo, 1981. "Common stock repurchases and market signalling : An empirical study," Journal of Financial Economics, Elsevier, vol. 9(2), pages 139-183, June.
    3. Denis, David J, 1990. " Defensive Changes in Corporate Payout Policy: Share Repurchases and Special Dividends," Journal of Finance, American Finance Association, vol. 45(5), pages 1433-56, December.
    4. Laurie Simon Bagwell & John B. Shoven, 1988. "Share Repurchases and Acquisitions: An Analysis of Which Firms Participate," NBER Chapters, in: Corporate Takeovers: Causes and Consequences, pages 191-220 National Bureau of Economic Research, Inc.
    5. Ikenberry, David & Lakonishok, Josef & Vermaelen, Theo, 1995. "Market underreaction to open market share repurchases," Journal of Financial Economics, Elsevier, vol. 39(2-3), pages 181-208.
    6. Stehle, Richard & Seifert, Udo, 2003. "Stock Performance around Share Repurchase Announcements in Germany," SFB 373 Discussion Papers 2003,48, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
    7. Zhang, Hua, 2002. "Share repurchases under the Commercial Law 212-2 in Japan: Market reaction and actual implementation," Pacific-Basin Finance Journal, Elsevier, vol. 10(3), pages 287-305, June.
    8. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-88, June.
    9. Laurie Simon Bagwell, 1991. "Share Repurchase and Takeover Deterrence," RAND Journal of Economics, The RAND Corporation, vol. 22(1), pages 72-88, Spring.
    10. John B. Shoven & Laurie Blair Simon, 1987. "Share Repurchases and Acquisitions: An Analysis of Which Firms Participate," NBER Working Papers 2243, National Bureau of Economic Research, Inc.
    11. Masulis, Ronald W, 1980. " Stock Repurchase by Tender Offer: An Analysis of the Causes of Common Stock Price Changes," Journal of Finance, American Finance Association, vol. 35(2), pages 305-19, May.
    12. Dann, Larry Y. & DeAngelo, Harry, 1988. "Corporate financial policy and corporate control : A study of defensive adjustments in asset and ownership structure," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 87-127, January.
    13. Bartov, Eli, 1991. "Open-market stock repurchases as signals for earnings and risk changes," Journal of Accounting and Economics, Elsevier, vol. 14(3), pages 275-294, September.
    14. Davidson, Wallace N, III & Garrison, Sharon H, 1989. "The Stock Market Reaction to Significant Tender Offer Repurchases of Stock: Size and Purpose Perspective," The Financial Review, Eastern Finance Association, vol. 24(1), pages 93-107, February.
    15. David Ikenberry & Josef Lakonishok & Theo Vermaelen, 1999. "Stock Repurchases in Canada: Performance and Strategic Trading," NBER Working Papers 7325, National Bureau of Economic Research, Inc.
    16. Christian Leuz & Jens Wüstemann, 2003. "The Role of Accounting in the German Financial System," CFS Working Paper Series 2003/16, Center for Financial Studies.
    17. David L. Ikenberry & Theo Vermaelen, 1996. "The Option to Repurchase Stock," Financial Management, Financial Management Association, vol. 25(4), Winter.
    18. Dann, Larry Y., 1981. "Common stock repurchases : An analysis of returns to bondholders and stockholders," Journal of Financial Economics, Elsevier, vol. 9(2), pages 113-138, June.
    19. Nenova, Tatiana, 2003. "The value of corporate voting rights and control: A cross-country analysis," Journal of Financial Economics, Elsevier, vol. 68(3), pages 325-351, June.
    20. Edith Ginglinger & Jean-Francois L'her, 2006. "Ownership structure and open market stock repurchases in France," European Journal of Finance, Taylor and Francis Journals, vol. 12(1), pages 77-94.
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