EFFECT OF REPURCHASE ANNOUNCEMENT ON THE POLISH ALTERNATIVE STOCK MARKET

Bogna Ka?mierska-Jó?wiak () and Elzbieta Wro?ska-Bukalska ()
Additional contact information
Bogna Ka?mierska-Jó?wiak: University of Lodz, Faculty of Management
Elzbieta Wro?ska-Bukalska: Maria Curie-Sklodowska University Lublin

No 4807891, Proceedings of Economics and Finance Conferences from International Institute of Social and Economic Sciences

Abstract: In recent years open-market share repurchase programs have become an important payout policy not only for U.S. firms, but also European. Vast literature has examined the effect of share repurchase announcement on developed countries, especially the U.S. Relatively little research has yet been published examining the emerging markets reaction on share repurchase programs. This study attempts to extend the knowledge with the information content of buy back announcements in Poland. The main aim of the study is to test the informational con-tent of share repurchase announcements on the Polish alternative stock market us-ing event study methodology. Our sample was formed by identifying share repur-chase announcements reported by companies listed on the NewConnect Stock Ex-change over the period 2007-2016. Due to the results of prior studies which give support for positive market reaction on share repurchase announcements (i.a. Ikenberry, Lakonishok and Vermaelen, 1995; Grullon and Michaely, 2002; Chan, Ikenberry, Lee, Wang, 2010) we hypothesize that firms announcing share repurchases on NewConnect experience positive valuation effects.

Keywords: share repurchase; payout policy; event study; abnormal returns; NewConnect; Poland (search for similar items in EconPapers)
JEL-codes: G35 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2017-07
New Economics Papers: this item is included in nep-cfn and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published in Proceedings of the Proceedings of the 8th Economics & Finance Conference, London, Jul 2017, pages 45-57

Downloads: (external link)
https://iises.net/proceedings/8th-economics-financ ... =48&iid=004&rid=7891 First version, 2017

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sek:iefpro:4807891

Access Statistics for this paper

More papers in Proceedings of Economics and Finance Conferences from International Institute of Social and Economic Sciences
Bibliographic data for series maintained by Klara Cermakova ().