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Stock repurchasing --- Law and legislation

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We examine long-run firm performance following open market share repurchase announcements which occurred during the period 1980 to 1990. We find that the average abnormal four-year buy-and-hold return measured after the initial announcement is 12.1 percent. For `value' stocks, companies more likely to be repurchasing shares because of undervaluation, the average abnormal return is 45.3 percent. For repurchases announced by `glamour' stocks where undervaluation is less likely to be an important motive, no positive drift in abnormal returns is observed. Thus, at least with respect to value stocks, the market errs in its initial response and appears to ignore much of the information conveyed through repurchase announcements.

Stock repurchasing. --- Corporations --- Heteroscedasticity. --- Finance.

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Minority stockholders --- Minority stockholders --- Minority stockholders --- Stock repurchasing --- Stock repurchasing --- Stock repurchasing --- Legal status, laws, etc --- Legal status, laws, etc --- Legal status, laws, etc --- Law and legislation --- Law and legislation --- Law and legislation

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Corporations --- Corporations --- Stock repurchasing --- Stock repurchasing --- Entreprises --- Actions (Titres de société) --- Actions (Titres de société) --- Finance --- Law and legislation --- Finance --- Law and legislation --- Finances --- Droit --- Rachat --- Rachat

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Tax law --- Netherlands --- Stock repurchasing --- Law and legislation --- 351.713*13 <492> --- 351.713*13 <492> Vennootschapsbelasting--Nederland --- Vennootschapsbelasting--Nederland --- Theses