Impact des rachats d’actions sur la liquidité et la rentabilité des actions
- Hamon, Jacques
The objective of this thesis is to comprehend the behaviour of firms repurchasing their own shares, listed in Paris stock exchange, and liquidity contractors, by examining the impact of their trades on market liquidity and share return. More specifically, the thesis focuses on three elements relating to i) firms motivations for their own share repurchases, ii) efficiency of liquidity contractors in terms of execution of the objectives assigned to them, iii) taking into account the market liquidity and share return in the decision making process (ex ante) and impact of these decisions on liquidity and return (ex post). The information asymmetry and price support hypotheses are studied in the two first parts of the thesis in order to explain the repurchases. In the third part of the thesis, behaviour of liquidity contractors regarding the impact of their trades on market liquidity is investigated.
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Find related papers by JEL classification:
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
References listed on IDEAS
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.:
- Thierry Foucault & Ohad Kadan & Eugene Kandel, 2005.
"Limit Order Book as a Market for Liquidity,"
Review of Financial Studies,
Society for Financial Studies, vol. 18(4), pages 1171-1217.
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- PASCUAL, Roberto & VEREDAS, David, 2004. "What pieces of limit order book information are informative ?," CORE Discussion Papers 2004033, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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