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Reglerade återköpstider: en studie av svenska återköpsprogram
Gotland University, School of the Humanities and Social Science.
2012 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
Regulated repurchase rights : a study o Swedish repurchase programs (English)
Abstract [en]

This study addresses mandatory non-trading periods for Swedish stock market participants which have implemented an open-market share repurchase program during the period 2000 until 2010. By locating the date of publication of interim reports, these mandatory non-trading periods called silent periods are examined. The result indicates that repurchase trading activity occurs despite the statutory prohibition. By studying the price support hypothesis assumptions about long- and short-term effect on share price and performance, this study tries to explain these tendencies. An average decline of share price and performance is shown among companies entering silent periods. However, the price support effect is small and only occasionally significant; making it unlikely that open-market repurchase activity is driven by pricesupport decisions only. Consistent with claims that stock price affects the stock volatility, this study shows that different priced shares react differently to silent periods. Most of the repurchase programs where initiated during recessions in the early 2000s and year 2007, which confirms previous theories that repurchase program follows the cyclical changes of business economy.

Place, publisher, year, edition, pages
2012. , 47 p.
Keyword [sv]
Företagsekonomi, återköpsprogram, reglerade återköpstider, tysta perioder
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hgo:diva-1448OAI: oai:DiVA.org:hgo-1448DiVA: diva2:533238
Subject / course
Business Administration
Educational program
Programme of Graduate Business Administration
Uppsok
Social and Behavioural Science, Law
Supervisors
Available from: 2012-06-13 Created: 2012-06-13 Last updated: 2013-07-01Bibliographically approved

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fulltext(435 kB)251 downloads
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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf