Эксоцман
на главную поиск contacts
В разделе собрана информация о статьях по экономике, социологии и менеджменту. Во многих случаях приводятся полные тексты статей. (подробнее...)

Journal of Financial Economics

Выпуск N2-3 за 1995 год

Опубликовано на портале: 03-12-2007
David L. Ikenberry, Josef Lakonishok, Theo Vermaelen Journal of Financial Economics. 1995.  Vol. 39. No. 2-3. P. 181-208. 
We examine long-run firm performance following open market share repurchase announcements, 1980–1990. We find that the average abnormal four-year buy-and-hold return measured after the initial announcement is 12.1%. For ‘value’ stocks, companies more likely to be repurchasing shares because of undervaluation, the average abnormal return is 45.3%. For repurchases announced by ‘glamour’ stocks, where undervaluation is less likely to be an important motive, no positive drift in abnormal returns is observed. Thus, at least with respect to value stocks, the market errs in its initial response and appears to ignore much of the information conveyed through repurchase announcements
ресурс содержит полный текст, либо отрывок из него