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来源类型Working Paper
规范类型报告
DOI10.3386/w4965
来源IDWorking Paper 4965
Market Underreaction to Open Market Share Repurchases
David Ikenberry; Josef Lakonishok; Theo Vermaelen
发表日期1994-12-01
出版年1994
语种英语
摘要We examine long-run firm performance following open market share repurchase announcements which occurred during the period 1980 to 1990. We find that the average abnormal four-year buy-and-hold return measured after the initial announcement is 12.1 percent. For `value' stocks, companies more likely to be repurchasing shares because of undervaluation, the average abnormal return is 45.3 percent. For repurchases announced by `glamour' stocks where undervaluation is less likely to be an important motive, no positive drift in abnormal returns is observed. Thus, at least with respect to value stocks, the market errs in its initial response and appears to ignore much of the information conveyed through repurchase announcements.
URLhttps://www.nber.org/papers/w4965
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/562388
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GB/T 7714
David Ikenberry,Josef Lakonishok,Theo Vermaelen. Market Underreaction to Open Market Share Repurchases. 1994.
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