Actual share repurchases,timing and liquidity |
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Authors: | Edith Ginglinger Jacques Hamon |
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Affiliation: | Cereg-DRM, Université Paris-Dauphine, place du Maréchal de Lattre, 75775 Paris Cedex 16, France |
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Abstract: | Research on the impact of open market share repurchases has been hindered by the lack of data available on actual share repurchases in many countries, including the US. Using a previously unused 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 measured by bid–ask spread or depth. Our results also indicate that share repurchases largely reflect contrarian trading rather than managerial timing ability. |
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Keywords: | G14 G32 G35 |
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