A Comprehensive Examination of the Wealth Effects of Recent Stock Repurchase Announcements

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dc.contributor.author Gangopadhyay, Partha
dc.contributor.author Yook, Ken
dc.date.accessioned 2010-01-12T15:57:54Z
dc.date.available 2010-01-12T15:57:54Z
dc.date.issued 2010-01-12T15:57:54Z
dc.identifier.uri http://jhir.library.jhu.edu/handle/1774.2/33772
dc.description.abstract In this paper we examine the wealth effect of stock repurchase announcements using a sample of 11,862 repurchase programs announced during 1994-2007. The results of several recent industry surveys indicate that managerial motivations for repurchasing shares may have changed in recent years. To better understand the reasons for repurchasing shares we classify our sample in various ways - by year, by the method used for repurchasing shares, by the stated purpose of the program, by the method of financing, and by program size. We find that the median size of firms repurchasing shares has increased dramatically recently, and concomitantly, the announcement returns have declined. Signaling undervaluation of share prices appears to become less important than previously assumed. While smaller firms signal undervaluation using open market repurchases, tender offers are chosen to enhance shareholder values by other means. en
dc.description.provenance Submitted by Rashawna Sydnor (rsydnor@jhu.edu) on 2010-01-12T15:57:54Z No. of bitstreams: 1 RepurchaseWealthEffectStudy(RQFA) - Yook.pdf: 382736 bytes, checksum: efce4d40c7c5f307eda87783368c5d02 (MD5) en
dc.description.provenance Made available in DSpace on 2010-01-12T15:57:54Z (GMT). No. of bitstreams: 1 RepurchaseWealthEffectStudy(RQFA) - Yook.pdf: 382736 bytes, checksum: efce4d40c7c5f307eda87783368c5d02 (MD5) en
dc.language.iso en_US en
dc.relation.ispartofseries The Johns Hopkins University Carey Business School Working Paper Series;10-01-003;
dc.subject G30, G32, G35 en
dc.subject open market repurchase en
dc.subject wealth effect en
dc.subject stock repurchase program en
dc.title A Comprehensive Examination of the Wealth Effects of Recent Stock Repurchase Announcements en
dc.type Working Paper en

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