An analysis of open market share repurchases: timing, market impact, and returns
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| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
Mannheim
2014
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| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XII, 165 Seiten Diagramme |
Internformat
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Datensatz im Suchindex
| _version_ | 1804152431498493952 |
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| adam_text | Titel: An analysis of open market share repurchases
Autor: Obernberger, Stefan
Jahr: 2014
Contents
1 Introduction 1
2 The timing of actual share repurchases 5
2.1 Introduction........................................................................5
2.2 Hypotheses ........................................................................11
2.2.1 Base model................................................................11
2.2.2 Market-timing hypothesis ................................................14
2.2.3 Contrarian-trading hypothesis............................................17
2.3 Data and methodology............................................................19
2.3.1 Repurchase announcements ..............................................20
2.3.2 Actual repurchase data....................................................22
2.3.3 Variable construction......................................................23
2.4 Empirical analysis..................................................................23
2.4.1 The determinants of actual share repurchases ..........................24
2.4.2 Repurchase cost perspective / analysis of the bargain..................28
2.4.3 Long-run performance of share repurchases..............................33
2.5 Discussion and conclusion........................................................42
Tables....................................................................................42
3 Actual share repurchases and liquidity 55
3.1 Introduction........................................................................55
3.2 Data and methodology............................................................60
3.3 Analysis............................................................................67
3.3.1 The influence of liquidity on repurchases................................67
3.3.2 The influence of repurchases on liquidity................................73
3.3.3 The adverse-selection hypothesis..........................................77
3.4 Discussion and conclusion........................................................82
Tables....................................................................................82
4 Actual share repurchases and price efficiency 99
4.1 Introduction........................................................................99
4.2 Data and variables................................................................106
4.2.1 Sample construction........................................................106
4.2.2 Measures of price delay....................................................108
4.2.3 R-squared and market correlation........................................109
4.2.4 Instrumental variables....................................................110
4.2.5 Further variables..........................................................110
4.2.6 Descriptive statistics......................................................111
4.3 Empirical analysis..................................................................111
4.3.1 What drives share repurchases?.......................................111
4.3.2 Share repurchases and price efficiency....................................115
4.3.3 Share repurchases and idiosyncratic risk................................118
4.3.4 Do firms incorporate positive information or provide price support at
fundamental values? ......................................................120
4.3.5 Robustness tests ..........................................................122
4.4 Conclusion..........................................................................125
Tables....................................................................................126
A Derivations and proofs of Chapter 2.2 145
A.l Base model........................................................................145
A.2 Market-timing hypothesis ........................................................147
B Regulation of share repurchases in the United States 149
C Data collection issues 151
D Liquidity measures 155
Bibliography 159
|
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| discipline | Wirtschaftswissenschaften |
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| spelling | Obernberger, Stefan 1981- Verfasser (DE-588)1053944594 aut An analysis of open market share repurchases timing, market impact, and returns Stefan Obernberger Mannheim 2014 XII, 165 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Dissertation Universität Mannheim 2014 Aktienrückkauf (DE-588)7679509-3 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content USA (DE-588)4078704-7 g Aktienrückkauf (DE-588)7679509-3 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027458074&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Obernberger, Stefan 1981- An analysis of open market share repurchases timing, market impact, and returns Aktienrückkauf (DE-588)7679509-3 gnd |
| subject_GND | (DE-588)7679509-3 (DE-588)4078704-7 (DE-588)4113937-9 |
| title | An analysis of open market share repurchases timing, market impact, and returns |
| title_auth | An analysis of open market share repurchases timing, market impact, and returns |
| title_exact_search | An analysis of open market share repurchases timing, market impact, and returns |
| title_full | An analysis of open market share repurchases timing, market impact, and returns Stefan Obernberger |
| title_fullStr | An analysis of open market share repurchases timing, market impact, and returns Stefan Obernberger |
| title_full_unstemmed | An analysis of open market share repurchases timing, market impact, and returns Stefan Obernberger |
| title_short | An analysis of open market share repurchases |
| title_sort | an analysis of open market share repurchases timing market impact and returns |
| title_sub | timing, market impact, and returns |
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