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Share repurchases: abnormal performance and motives behind the announcements

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dc.contributor Aalto University en
dc.contributor Aalto-yliopisto fi
dc.contributor.advisor Spickers, Theresa
dc.contributor.author Salomaa, Jerry
dc.date.accessioned 2021-01-24T17:03:53Z
dc.date.available 2021-01-24T17:03:53Z
dc.date.issued 2020
dc.identifier.uri https://aaltodoc.aalto.fi/handle/123456789/102018
dc.description.abstract In this paper I study the short- and long-term abnormal returns around open-market share repurchase program announcements. I focus on announcements in Western Europe from 1990 to 2020. Additionally, I obtain cross-sectional regressions aiming to understand the factors causing the abnormalities. I find statistically significant announcement returns of 1.06% and long-term cumulative abnormal returns of 14.2%. The closer examination of the returns does not suggest that either short-term or long-term returns are in decline. The results fail to find an explicit explanation for the initial impact of the announcement, such as the signaling undervaluation hypothesis or agency theory. en
dc.format.extent 29+5
dc.format.mimetype application/pdf en
dc.language.iso en en
dc.title Share repurchases: abnormal performance and motives behind the announcements en
dc.type G1 Kandidaatintyö fi
dc.contributor.school Kauppakorkeakoulu fi
dc.contributor.school School of Business en
dc.contributor.department Rahoituksen laitos fi
dc.subject.keyword share repurchase en
dc.subject.keyword signaling undervaluation en
dc.subject.keyword announcement returns en
dc.subject.keyword agency theory en
dc.identifier.urn URN:NBN:fi:aalto-202101241328
dc.type.ontasot Bachelor's thesis en
dc.type.ontasot Kandidaatintyö fi
dc.programme Rahoitus en

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