Actual share repurchases, timing and liquidity

Edith Ginglinger and Jacques Hamon
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Jacques Hamon: DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique

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Abstract: Research on the impact of open market share repurchases has been hindered by the lack of data available on actual share repurchases in many countries, including the US. Using a previously unused database containing detailed information on 36,848 repurchases made by 352 French firms, we show that corporate share repurchases have a significant adverse effect on liquidity as measured by bid–ask spread or depth. Our results also indicate that share repurchases largely reflect contrarian trading rather than managerial timing ability.

Keywords: Repurchase; Timing; Liquidity; Euronext Paris (search for similar items in EconPapers)
Date: 2007
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00136568v1
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Citations: View citations in EconPapers (53)

Published in Journal of Banking and Finance, 2007, 31 (3), pp.915-938. ⟨10.1016/j.jbankfin.2006.07.006⟩

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Related works:
Journal Article: Actual share repurchases, timing and liquidity (2007)
Working Paper: Actual share repurchases, timing and liquidity (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00136568

DOI: 10.1016/j.jbankfin.2006.07.006

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