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Signaling Power of Open Market Share Repurchases in Germany

Author

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  • Andreas Hackethal

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  • Alexandre Zdantchouk

Abstract

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Suggested Citation

  • Andreas Hackethal & Alexandre Zdantchouk, 2006. "Signaling Power of Open Market Share Repurchases in Germany," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 20(2), pages 123-151, June.
  • Handle: RePEc:kap:fmktpm:v:20:y:2006:i:2:p:123-151 DOI: 10.1007/s11408-006-0011-9
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    References listed on IDEAS

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    1. 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.
    2. 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.
    3. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
    4. 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.
    5. 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.
    6. 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.
    7. David Ikenberry & Josef Lakonishok & Theo Vermaelen, 2000. "Stock Repurchases in Canada: Performance and Strategic Trading," Journal of Finance, American Finance Association, vol. 55(5), pages 2373-2397, October.
    8. 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.
    9. 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.
    10. 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 1433-1456, December.
    11. 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.
    12. Edith Ginglinger & Jean-Francois L'her, 2006. "Ownership structure and open market stock repurchases in France," The European Journal of Finance, Taylor & Francis Journals, vol. 12(1), pages 77-94.
    13. William J. McNally, 1999. "Open Market Stock Repurchase Signaling," Financial Management, Financial Management Association, vol. 28(2), Summer.
    14. 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.
    15. repec:dau:papers:123456789/399 is not listed on IDEAS
    16. 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.
    17. Vermaelen, Theo, 1981. "Common stock repurchases and market signalling : An empirical study," Journal of Financial Economics, Elsevier, vol. 9(2), pages 139-183, June.
    18. 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 305-319, May.
    19. David L. Ikenberry & Theo Vermaelen, 1996. "The Option to Repurchase Stock," Financial Management, Financial Management Association, vol. 25(4), Winter.
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    Citations

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    Cited by:

    1. Bogna Ka?mierska-Jó?wiak & Elzbieta Wro?ska-Bukalska, 2017. "Effect Of Repurchase Announcement On The Polish Alternative Stock Market," Proceedings of Economics and Finance Conferences 4807891, International Institute of Social and Economic Sciences.
    2. Andres, Christian & Doumet, Markus & Fernau, Erik & Theissen, Erik, 2013. "The Lintner model revisited: Dividends versus total payouts," CFR Working Papers 14-02, University of Cologne, Centre for Financial Research (CFR).
    3. Tchai Tavor, 2014. "Abnormal investor response to the index effect for daily and intraday data," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, pages 281-303.
    4. Andriosopoulos, Dimitris & Hoque, Hafiz, 2013. "The determinants of share repurchases in Europe," International Review of Financial Analysis, Elsevier, vol. 27(C), pages 65-76.
    5. Andriosopoulos, Dimitris & Lasfer, Meziane, 2015. "The market valuation of share repurchases in Europe," Journal of Banking & Finance, Elsevier, vol. 55(C), pages 327-339.
    6. Jürgen Gaul & Erik Theissen, 2015. "A Partially Linear Approach to Modeling the Dynamics of Spot and Futures Prices," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 35(4), pages 371-384, April.
    7. Andres, Christian & Betzer, André & Doumet, Markus & Theissen, Erik, 2013. "Open market share repurchases in Germany: A conditional event study approach," CFR Working Papers 13-02, University of Cologne, Centre for Financial Research (CFR).
    8. Andres, Christian & Doumet, Markus & Fernau, Erik & Theissen, Erik, 2015. "The Lintner model revisited: Dividends versus total payouts," Journal of Banking & Finance, Elsevier, vol. 55(C), pages 56-69.

    More about this item

    Keywords

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

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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