EconStor >
Humboldt-Universit├Ąt Berlin >
Sonderforschungsbereich 373: Quantification and Simulation of Economic Processes, Humboldt-Universit├Ąt Berlin >
Discussion Papers, SFB 373, HU Berlin >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/22262
  
Title:Stock Performance around Share Repurchase Announcements in Germany PDF Logo
Authors:Stehle, Richard
Seifert, Udo
Issue Date:2003
Series/Report no.:Discussion papers of interdisciplinary research project 373 2003,48
Abstract:Empirical studies of open-market share repurchases in the U.S. typically find a mean abnormal return around the announcement day of about 3%. In Germany share repurchases were highly restricted before May 1998. Since then firms have repurchased shares in the open market more than 250 times. Since the institutional framework differs considerably from the U.S., an analysis of the German data can give important insights. Gerke/Fleischer/Langer (2002), using a larger data set and more carefully chosen procedures than prior studies on German repurchase announcements, presented several puzzling results. We confirm that in Germany the announcement day return is considerably higher than in the U.S. and that this return is higher in Germany?s ?Neuer Markt? than in the traditional market segments. We cannot confirm their findings about bull and bear markets. When we look at subsamples based on the reasons for the repurchase stated in the announcements, we obtain results which are completely different from the results of Gerke/Fleischer/Langer (2002).
Subjects:Share Repurchase
Ad-Hoc Message
JEL:G35
Persistent Identifier of the first edition:urn:nbn:de:kobv:11-10050836
Document Type:Working Paper
Appears in Collections:Discussion Papers, SFB 373, HU Berlin

Files in This Item:
File Description SizeFormat
dpsfb200348.pdf815.28 kBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/22262

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.