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dc.contributor.authorde La Bruslerie, Hubert*
dc.date.accessioned2019-09-16T10:25:13Z
dc.date.available2019-09-16T10:25:13Z
dc.date.issued2019
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/19801
dc.language.isoenen
dc.subjectCumulative Abnormal Returnsen
dc.subjectIlliquidity Ratioen
dc.subjectSynchronicityen
dc.subjectEarning Forecasts Revisionsen
dc.subject.ddc658.1en
dc.subject.classificationjelG.G1.G12en
dc.subject.classificationjelD.D2.D23en
dc.subject.classificationjelG.G3.G35en
dc.titleDo share repurchases impact analysts' activity and informativeness ?en
dc.typeChapitre d'ouvrage
dc.description.abstractenShare repurchases announcement are discretionary transactions that stimulate analyst's activity. We use the multi-dimensional concept of informativeness to capture the integration of information in the stock prices. Our empirical test comprises American and European buybacks in the period 2000-2013. We refer to three independent measures of informativeness: the synchronicity measure introduced by Roll (1988), the Amihud (2002) illiquidity ratio, and the Llorente, Michaely, Saar, and Wang (2002) measure. We relate these three measures to analysts' activity in earning forecasting. We show that share repurchase decisions initiate a process, stimulate revisions by analysts, but do not systematically improve the informativeness of stock prices. An effective information process may develop if first it is pegged on negative cumulative abnormal return (CAR) values, and/or if the analysts are revising downward their earnings forecasts. We also highlight that informativeness improves asymmetrically depending on whether a change in the dividend policy occurs simultaneously.en
dc.identifier.citationpages267-309en
dc.relation.ispartoftitleAdvances in Quantitative Analysis of Finance and Accounting, vol. 16en
dc.relation.ispartofeditorCheng-Few Lee
dc.relation.ispartofpublnameWorld Scientificen
dc.relation.ispartofpublcitySingaporeen
dc.relation.ispartofdate2019
dc.relation.ispartofpages390en
dc.relation.ispartofurlhttps://dx.doi.org/10.6293/AQAFAen
dc.subject.ddclabelFinances des multinationalesen
dc.relation.ispartofisbn1046-5847en
dc.relation.forthcomingnonen
dc.identifier.doi10.6293/AQAFA.201812_16.0009en
dc.description.ssrncandidatenonen
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.date.updated2019-09-16T09:49:17Z
hal.person.labIds1032*
hal.identifierhal-02289075*


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