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Share repurchase regulations: do firms play by the rules?

dc.contributor.authorHamon, Jacques
dc.contributor.authorGinglinger, Edith
dc.date.accessioned2010-01-14T13:34:51Z
dc.date.available2010-01-14T13:34:51Z
dc.date.issued2005
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/2937
dc.descriptionCe document est également paru dans la série Working Papers de la Chaire Finance d'entreprise Dauphine - FBF, n° 2008-9
dc.language.isoenen
dc.subjectInsider Tradingen
dc.subjectOpen Market Share Repurchasesen
dc.subjectRegulationsen
dc.subjectLiquidityen
dc.subject.ddc332en
dc.subject.classificationjelG35en
dc.subject.classificationjelG18en
dc.subject.classificationjelK22en
dc.titleShare repurchase regulations: do firms play by the rules?en
dc.typeCommunication / Conférence
dc.description.abstractenOpen 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.en
dc.identifier.citationpages35en
dc.description.sponsorshipprivateouien
dc.subject.ddclabelEconomie financièreen
dc.relation.conftitleEFMA 2006en
dc.relation.confdate2006-07
dc.relation.confcityMadriden
dc.relation.confcountryEspagneen


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