Share repurchases: abnormal performance and motives behind the announcements

dc.contributorAalto Universityen
dc.contributorAalto-yliopistofi
dc.contributor.advisorSpickers, Theresa
dc.contributor.authorSalomaa, Jerry
dc.contributor.departmentRahoituksen laitosfi
dc.contributor.schoolKauppakorkeakoulufi
dc.contributor.schoolSchool of Businessen
dc.date.accessioned2021-01-24T17:03:53Z
dc.date.available2021-01-24T17:03:53Z
dc.date.issued2020
dc.description.abstractIn 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.extent29+5
dc.format.mimetypeapplication/pdfen
dc.identifier.urihttps://aaltodoc.aalto.fi/handle/123456789/102018
dc.identifier.urnURN:NBN:fi:aalto-202101241328
dc.language.isoenen
dc.programmeRahoitusen
dc.subject.keywordshare repurchaseen
dc.subject.keywordsignaling undervaluationen
dc.subject.keywordannouncement returnsen
dc.subject.keywordagency theoryen
dc.titleShare repurchases: abnormal performance and motives behind the announcementsen
dc.typeG1 Kandidaatintyöfi
dc.type.ontasotBachelor's thesisen
dc.type.ontasotKandidaatintyöfi
Files
Original bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
bachelor_Salomaa_Jerry_2020.pdf
Size:
303.42 KB
Format:
Adobe Portable Document Format