Abstract

http://ssrn.com/abstract=2037711
 
 

Footnotes (80)



 


 



The Law and Finance of Share Repurchases in Europe


Mathias M. Siems


Durham University - Durham Law School; University of Cambridge - Centre for Business Research

Amedeo De Cesari


University of Manchester - Manchester 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.

The Supplement for this paper is available at the following URL: http://ssrn.com/abstract=1950153

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 Series





Download This Paper

Date posted: April 10, 2012 ; Last revised: February 10, 2014

Suggested Citation

Siems, Mathias M. and De Cesari, Amedeo, The Law and Finance of Share Repurchases in Europe (April 10, 2012). Journal of Corporate Law Studies, Vol. 12, pp. 33-57, 2012. Available at SSRN: http://ssrn.com/abstract=2037711

Contact Information

Mathias M. Siems (Contact Author)
Durham University - Durham Law School ( email )
Stockton Road
Durham, County Durham DH1 3LE
United Kingdom
HOME PAGE: http://www.dur.ac.uk/mathias.siems
University of Cambridge - Centre for Business Research ( email )
Top Floor, Judge Business School Building
Trumpington Street
Cambridge, CB2 1AG
United Kingdom
HOME PAGE: http://www.cbr.cam.ac.uk/about_us/siems.htm
Amedeo De Cesari
University of Manchester - Manchester Business School - Finance & Accounting Group ( email )
Crawford House
Booth Street East
Manchester, M15 6PB
United Kingdom
+44 (0) 161 2754298 (Phone)
Feedback to SSRN


Paper statistics
Abstract Views: 933
Downloads: 215
Download Rank: 84,864
Footnotes:  80

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo2 in 0.313 seconds