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Common stock repurchases: a first year Swedish sample and comparative reactions on the US and the Finnish markets
Umeå School of Business and Economics, Umeå University.
Umeå School of Business and Economics, Umeå University.
2003 (English)In: Liiketaloudellinen Aikakauskirja, ISSN 0024-3469, E-ISSN 2242-4296, Vol. 52, no 4, 455-474 p.Article in journal (Refereed) Published
Abstract [en]

Public companies in Sweden were finally permitted to repurchase their own shares at the beginning of 2000 after a long and tenacious debate. This paper examines the effects on the prices of the first year Swedish sample. And what is original in the paper is the use of a sample of firms without prior experience in using this mechanism to remunerate shareholders. Moreover, we compare the price reactions with those on the US and Finnish markets. We have found significant abnormal returns of at least 1 percent in open market repurchases within one day. This result is similar to the reaction on the neighbouring Finnish market. However, this is significantly lesser than reported returns on the US stock exchange, probably due to severe institutional restrictions in designing a Swedish repurchase program.

Place, publisher, year, edition, pages
2003. Vol. 52, no 4, 455-474 p.
URN: urn:nbn:se:ltu:diva-6130Local ID: 454da810-54a0-11dc-8e15-000ea68e967bOAI: diva2:979007
Godkänd; 2003; 20070827 (chrpet)Available from: 2016-09-29 Created: 2016-09-29Bibliographically approved

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