Stock Repurchases in Canada : Performance And Strategic Trading  

Oleh:

Ikenberry, David ; Lakonishok, Josef ; Vermaelen, Theo

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 55 no. 5 (2000), page 2373-2398.
Topik: stock; studies; securities buybacks; rates of return; securities trading; statistical analysis
Fulltext: p 2373.pdf (120.32KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.3 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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During the 1980s, U. S. firms announcing stock repurchases earned favorable long run returns. Recently concerns have been raised over the robustness of these findings. This concern comes at a time of explosive growth in repurchase programs. Thus, we study new evidence from the 1990s for 1,060 canadian repurchase programs. Moreover, because canadian law, we can carefully trach repurchase activity monthly. Similarly of the situation in the united states, the canadian stock market discounts the information in repurchase announcements, particularly for value stocks. Completion rates in canada are sensitive to mispricing. Trades also appear linked to price movements, managers buy more shares when prices fail.

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