Share repurchase regulations: do firms play by the rules?
Hamon, Jacques; Ginglinger, Edith (2009), Share repurchase regulations: do firms play by the rules?, International Review of Law and Economics, 29, 2, p. 81-96
Type
Article accepté pour publication ou publiéExternal document link
http://halshs.archives-ouvertes.fr/halshs-00143974/en/Date
2009Journal name
International Review of Law and EconomicsVolume
29Number
2Publisher
Sevenoaks
Pages
81-96
Metadata
Show full item recordAbstract (EN)
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.Subjects / Keywords
Open market share repurchases; Insider trading; Regulations; LiquidityRelated items
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