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Actual share repurchases, timing and corporate liquidity

dc.contributor.authorHamon, Jacques
dc.contributor.authorGinglinger, Edith
dc.date.accessioned2010-01-18T10:18:44Z
dc.date.available2010-01-18T10:18:44Z
dc.date.issued2003
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/3011
dc.language.isoenen
dc.subjectOpen market share repurchasesen
dc.subjectLiquidityen
dc.subject.ddc332en
dc.subject.classificationjelG35en
dc.subject.classificationjelG32en
dc.subject.classificationjelG14en
dc.titleActual share repurchases, timing and corporate liquidityen
dc.typeCommunication / Conférence
dc.description.abstractenResearch on the impact of open market share repurchases has been hindered by the lack of dataavailable on actual share repurchases in many countries, including the US. Using a previouslyunused database containing detailed information on 36,848 repurchases made by 352 French firms,we show that corporate share repurchases have a significant adverse effect on liquidity as measuredby bid–ask spread or depth. Our results also indicate that share repurchases largely reflect contrariantrading rather than managerial timing ability.en
dc.identifier.citationpages39en
dc.description.sponsorshipprivateouien
dc.subject.ddclabelEconomie financièreen
dc.relation.conftitleAFFI (Association Française de Finance)en
dc.relation.confdate2003-12
dc.relation.confcityParisen
dc.relation.confcountryFranceen


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