| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7325 |
| 来源ID | Working Paper 7325 |
| Stock Repurchases in Canada: Performance and Strategic Trading | |
| David Ikenberry; Josef Lakonishok; Theo Vermaelen | |
| 发表日期 | 1999-08-01 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | During the 1980s, U.S. firms that announced stock repurchase programs earned favorable long-run returns. Recently, concerns have been raised regarding the robustness of these findings. This comes at a time of explosive worldwide growth in the adoption of repurchase programs. This study provides out-of-sample evidence for 1,060 Canadian repurchase programs announced between 1989 and 1997. As in the U.S., the Canadian stock market seems to discount the information contained in repurchase announcements. Value stocks announcing repurchase programs have particularly favorable returns. Canadian law requires companies to report how many shares they repurchase on a monthly basis. We find that managers are sensitive to mispricing as completion rates are higher in cases where undervaluation may be a more important factor. Moreover, trades are linked to price movements; managers buy more shares when prices fall and reduce their buying when prices rise. |
| 主题 | Financial Economics ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w7325 |
| 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/564863 |
| 推荐引用方式 GB/T 7714 | David Ikenberry,Josef Lakonishok,Theo Vermaelen. Stock Repurchases in Canada: Performance and Strategic Trading. 1999. |
| 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 | ||
| w7325.pdf（74KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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