Abstract

http://ssrn.com/abstract=499164
 
 

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Actual Share Repurchase and Corporate Liquidity


Edith Ginglinger


Université Paris-Dauphine

Jacques Hamon


Université Paris Dauphine - CEREG

September 2003

EFMA 2004 Basel Meetings Paper

Abstract:     
Research into the impact of open market share repurchases has been hindered by the lack of data available on actual share repurchases in many countries, including the U.S. Using a previously unaccessed database containing detailed information on 36,848 repurchase days concerning 352 French firms, we show that corporate share repurchases have a significantly adverse effect on the liquidity of the trading day concerned, whether measured by bid-ask spread or depth. Our results also indicate that although on average managers have some timing ability, only the smallest firms listed on the least liquid market segments successfully take advantage of it.

Number of Pages in PDF File: 39

Keywords: Open market share repurchases, liquidity

JEL Classification: G14, G32, G35

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Date posted: May 12, 2004  

Suggested Citation

Ginglinger, Edith and Hamon, Jacques, Actual Share Repurchase and Corporate Liquidity (September 2003). EFMA 2004 Basel Meetings Paper. Available at SSRN: http://ssrn.com/abstract=499164 or http://dx.doi.org/10.2139/ssrn.499164

Contact Information

Edith Ginglinger (Contact Author)
Université Paris-Dauphine ( email )
Place du Marechal de Lattre Tassigny
Paris, 75775
France
Jacques Hamon
Université Paris Dauphine - CEREG ( email )
Place du Marechal de Lattre Tassigny
Paris
France
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References:  23
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