SHARE REPURCHASES ANNOUNCEMENT EFFECT ON EARNINGS: EVIDENCE FROM SOUTH AFRICA

L.W. Makasi and Jan Kruger

Accounting & Taxation, 2013, vol. 5, issue 1, 41-46

Abstract: This study investigates the effect share repurchases announcements have on earnings of companies listed on the Johannesburg Stock Exchange over a period of 8 years from 2001 to 2008. The study investigates 27 companies listed in the middle capitalization and large capitalization stocks of the Johannesburg Stock Exchange. The study measured earnings by 1) earnings per share percentage change, 2) dividend per share percentage change and 3) cash flow per share percentage change. These variables were investigated over a period of 6 years, 3 years pre- and 3 years post-announcement of share repurchase. The data was analyzed and tested using the T-test and the Wilcoxon parametric paired test.

Keywords: Stock buy-back; share repurchases; repurchase announcement; earnings (search for similar items in EconPapers)
JEL-codes: G14 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (2)

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