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The Law and Finance of Share Repurchases in EuropeMathias M. SiemsDurham University - Durham Law School; University of Cambridge - Centre for Business Research Amedeo De CesariAston University - Aston Business School - Finance & Accounting Group April 10, 2012 Journal of Corporate Law Studies, Vol. 12, pp. 33-57, 2012 Abstract: This paper analyses the impact of the EU market abuse law on share repurchases. We find that the Member States’ previous rules differed considerably, and therefore it can be said that the Regulation on share repurchases has provided uniformity as to the availability of a safe harbor for share repurchases. The picture, however, gets more difficult to assess if we consider our findings on the actual effect of the law. Our results do not confirm a 'simple law and finance story' according to which market participants would have just reacted as expected by the new legal rules. Rather, it seems to be the case that the value of legal certainty and the positive signal of common legal rules have also had an impact on the propensity to repurchase own stock.
Number of Pages in PDF File: 23 Keywords: market manipulation, share repurchases, share buy-backs, dividends, law and finance, market abuse directive, securities regulation JEL Classification: G35, G38, K22, K42, N24, N44 Accepted Paper SeriesDate posted: April 10, 2012 ; Last revised: April 21, 2012Suggested CitationContact Information
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