Impact des rachats d’actions sur la liquidité et la rentabilité des actions

Alexandre Brunel

in Economics Thesis from University Paris Dauphine from Paris Dauphine University

Abstract: The objective of this thesis is to comprehend the behaviour of firms repurchasing their own shares, listed in Paris stock exchange, and liquidity contractors, by examining the impact of their trades on market liquidity and share return. More specifically, the thesis focuses on three elements relating to i) firms motivations for their own share repurchases, ii) efficiency of liquidity contractors in terms of execution of the objectives assigned to them, iii) taking into account the market liquidity and share return in the decision making process (ex ante) and impact of these decisions on liquidity and return (ex post). The information asymmetry and price support hypotheses are studied in the two first parts of the thesis in order to explain the repurchases. In the third part of the thesis, behaviour of liquidity contractors regarding the impact of their trades on market liquidity is investigated.

Keywords: Opérations d'initié; Dividendes; Actions de sociétés; Rentabilité; Information (search for similar items in EconPapers)
JEL-codes: D24 D82 (search for similar items in EconPapers)
Date: 2011 Written 2011
Note: dissertation
References: View references in EconPapers View complete reference list from CitEc
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