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dc.contributor.authorde La Bruslerie, Hubert*
dc.date.accessioned2013-06-11T14:33:43Z
dc.date.available2013-06-11T14:33:43Z
dc.date.issued2013-04
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/11381
dc.language.isoenen
dc.subjectShare repurchaseen
dc.subjectbuybacksen
dc.subjectmarket efficiencyen
dc.subjectinformativenessen
dc.subject.ddc332en
dc.subject.classificationjelG.G1.G14en
dc.subject.classificationjelG.G3.G30en
dc.subject.classificationjelG.G3.G35en
dc.titleShare repurchase: Does it increase the informativeness of market prices?en
dc.typeCommunication / Conférence
dc.description.abstractenShare repurchases are transactions which are supposed to cause a market reaction through a signaling approach. However looking only at cumulated abnormal returns (CARs)is insufficient and the results are sometimes contradictory. We introduce the concept of informativeness to assess if repurchases improve the private information content of stock prices. Our empirical test comprises American and European buybacks in the period 1990 – 2011. We use the synchronicity measure introduced by Roll (1988) to follow the change in informativeness before and after the announcement of a transaction. The determinants of informativeness and CARs are also investigated. Our results are negative : Informativeness does not systematically improve, but may sometimes if a change of dividend policy jointly occurs.en
dc.identifier.citationpages29en
dc.subject.ddclabelEconomie financièreen
dc.relation.conftitle30th International French Finance Association Conferenceen
dc.relation.confdate2013-05
dc.relation.confcityLyonen
dc.relation.confcountryFranceen
dc.relation.forthcomingnonen
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.relation.Isversionofjnlpeerreviewednon
hal.person.labIds1032*
hal.identifierhal-01492197*


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