库存(枪支)
业务
货币经济学
证券交易所
股票价格
股票市场
股价
市场流动性
做市商
经济
事件研究
股东
成本价
财务
限制性股票
作者
Azi Ben-Rephael,Jacob Oded,Avi Wohl
出处
期刊:Review of Finance
[Oxford University Press]
日期:2014-07-01
卷期号:18 (4): 1299-1340
被引量:47
摘要
We use new data from SEC filings to investigate how S&P 500 firms execute their open market repurchase programs. We find that smaller S&P 500 firms repurchase less frequently than larger firms, and at a price which is significantly lower than the average market price. Their repurchase activity is followed by a positive and significant abnormal return which lasts up to three months after the repurchase. These findings do not hold for large S&P 500 firms. Our interpretation is that small firms repurchase strategically, whereas the repurchase activity of large firms is more focused on the disbursement of free cash.
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