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Ownership structure and open market stock repurchases in France

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  • Ginglinger, Edith
  • L'Her, Jean-François
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    Abstract

    This paper examines open market stock repurchases in France. We find a positive average market reaction to the repurchase announcement. However, the magnitude of the price reaction is found to depend on a number of corporate governance structure measures. The positive aspects of the announcement only appear for a company with a low likelihood of being taken over, and with a low risk of minority shareholder expropriation. Specifically,stock repurchase programs are good news when the firm is supported by foreign institutional investors, and in the case of controlled firms, when the firm has a second large shareholder,which guarantees an effective balance of power for the controlling shareholders.

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    Bibliographic Info

    Paper provided by Paris Dauphine University in its series Economics Papers from University Paris Dauphine with number 123456789/399.

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    Date of creation: Jan 2006
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    Publication status: Published in European Journal of Finance, 2006, Vol. 12. pp. 77-94.Length: 17 pages
    Handle: RePEc:dau:papers:123456789/399

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    Related research

    Keywords: Distribution des dividendes; Open market share repurchases; Structure de l'actionnariat; France; Ownership structure; Undervaluation;

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    Cited by:
    1. Haw, In-Mu & Ho, Simon S.M. & Hu, Bingbing & Zhang, Xu, 2011. "The contribution of stock repurchases to the value of the firm and cash holdings around the world," Journal of Corporate Finance, Elsevier, vol. 17(1), pages 152-166, February.
    2. Ginglinger, Edith & Hamon, Jacques, 2009. "Share repurchase regulations: Do firms play by the rules?," International Review of Law and Economics, Elsevier, vol. 29(2), pages 81-96, June.
    3. Andreas Hackethal & Alexandre Zdantchouk, 2006. "Signaling Power of Open Market Share Repurchases in Germany," Financial Markets and Portfolio Management, Springer, vol. 20(2), pages 123-151, June.
    4. von Eije, Henk & Megginson, William L., 2008. "Dividends and share repurchases in the European Union," Journal of Financial Economics, Elsevier, vol. 89(2), pages 347-374, August.
    5. repec:hal:journl:halshs-00175873 is not listed on IDEAS

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