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: 2004
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Citations: View citations in EconPapers (4)

Published in FMA Europe, 2004, Zurich, Switzerland

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Related works:
Journal Article: Actual share repurchases, timing and liquidity (2007)
Working Paper: Actual share repurchases, timing and liquidity (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00149200

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