Cross-sectional differences in the liquidity effects of open market share repurchases

Jaemin Kim ()

Journal of Economics and Finance, 2005, vol. 29, issue 1, 31 pages

Abstract: I examine liquidity changes associated with open market share repurchases, with the focus on potential cross-sectional variations of liquidity effects. I hypothesize that a liquidity change, either a decrease or an increase, will be larger in a firm with a higher degree of pre-announcement information asymmetry. Results suggest that the null hypothesis of no liquidity change cannot be rejected. In particular, there is no evidence for cross-sectional variation of liquidity changes across firms with differing degrees of information asymmetry. Copyright Springer 2005

Date: 2005
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DOI: 10.1007/BF02761540

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