Edith Ginglinger () (DRM - Dauphine Recherches en Management - CNRS : UMR7088 - Université Paris Dauphine - Paris IX) Jacques Hamon () (DRM - Dauphine Recherches en Management - CNRS : UMR7088 - Université Paris Dauphine - Paris IX)
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Open market share repurchases are strictly regulated to prevent companies from profiting from insider information. We examine compliance with these rules in France, where the mandatory disclosure of share repurchases provides detailed information on repurchases actually undertaken. Using a database containing 36,848 repurchases made by 352 French firms over the period 2000-2002, we show that very few firms fully comply with the regulations for all their buybacks. Non-compliance has an adverse effect on liquidity only for the smallest and least liquid firms.
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Paper provided by HAL in its series Post-Print with number
halshs-00143974_v1.
Length: Date of creation: 2009 Date of revision: Publication status: Published, International Review of Law and Economics, 2009, 1-35 Handle: RePEc:hal:journl:halshs-00143974_v1
Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00143974/en/ Contact details of provider: Web page: http://hal.archives-ouvertes.fr/
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