Share Repurchases: Does Frequency Matter?
2013 (English)Conference paper, Presentation (Refereed)
We examine differences in market performance of Swedish firms that initiate repurchase programs infrequently (1-2 programs), occasionally (3-4 programs) and frequently (5 or more programs) over the period 2000-2009, and examine the relationship between abnormal return and repurchase size in repurchase months. We find that infrequent repurchase programs are greeted with a stronger positive reaction than occasional and frequent programs. However, over long term, infrequent repurchase programs show no abnormal return while occasional and frequent repurchase programs show a significant positive abnormal return. A positive relationship between abnormal return and repurchase size in repurchase months is documented on average for all types of repurchase programs.
Place, publisher, year, edition, pages
Share repurchases, Liquidity, Repurchase trading, Payout policy, Stockholm Stock Exchange, NASDAQ OMX Stockholm
IdentifiersURN: urn:nbn:se:kth:diva-122241OAI: oai:DiVA.org:kth-122241DiVA: diva2:621456
Financial Management Association Annua Meeting, Dallas 2008
QC 201305152013-05-142013-05-142013-05-15Bibliographically approved