| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4965 |
| 来源ID | Working 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. |
| URL | https://www.nber.org/papers/w4965 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562388 |
| 推荐引用方式 GB/T 7714 | David Ikenberry,Josef Lakonishok,Theo Vermaelen. Market Underreaction to Open Market Share Repurchases. 1994. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4965.pdf（425KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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