Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/57340 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
CFS Working Paper No. 2011/17
Verlag: 
Goethe University Frankfurt, Center for Financial Studies (CFS), Frankfurt a. M.
Zusammenfassung: 
We use new data from SEC filings to investigate how S&P 500 firms execute their open market repurchase programs. We find that smaller S&P 500 firms repurchase less frequently than larger firms, and at a price which is significantly lower than the average market price. Their repurchase activity is followed by a positive and significant abnormal return which lasts up to three months after the repurchase. These findings do not hold for large S&P 500 firms. Our interpretation is that small firms repurchase strategically, whereas the repurchase activity of large firms is more focused on the disbursement of free cash.
Schlagwörter: 
Stock Repurchases
Stock Buybacks
Payout Policy
Timing
Bid-Ask Spread
Liquidity
JEL: 
G14
G30
G35
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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