This study presents the first attempt to develop classification models for the prediction of share repurchases using multicriteria decision aid (MCDA) methods. The MCDA models are developed using two methods namely UTilités Additives DIScriminantes (UTADIS) and ELimination and Choice Expressing...

We examine the impact of aggregate insider trading on market returns in the UK. We find that, on aggregate, insiders are contrarians, but their trades are not informative, contrary to previous US evidence. We suggest that this discrepancy is related to the regulatory setting in the UK where...

Open market buybacks are not firm commitments and there is limited evidence on whether firms repurchase the intended shares. We employ a comprehensive set of hand-collected data on information disclosure on open market share buyback announcements and the respective buyback trades in UK. We...

In this research paper we employ a logit model methodology in order to identify the determinants of a firm's decision to announce a share repurchase. In the models, we incorporate firm specific financial characteristics and measures of share price performance. Hence, we are able to estimate the...

The papers included in this issue are selected from the 7th International Conference of the Financial Engineering and Banking Society (FEBS) organized by Strathclyde Business School during 1-3 June 2017. With circa 200 academics, practitioners and regulators participating as delegates from...

With daily trades of directors' purchases and share repurchase we find that the former is preceded by larger share price drops and trigger a better short- and long-term market performance. Further, when directors purchase shares with their own wealth they time the market by buying shares at a...

We assess whether social capital, captured by CSR, is an effective hedge against risks arising from political and industry-wide uncertainty. Social capital significantly reduces stock return volatility during political uncertainty, but not cash flow volatility. Meanwhile, CSR is also an...

Raising equity capital via Private Investments in Public Equity (PIPEs) has been rising in popularity, matching Seasoned Equity Offerings (SEOs). We use over 10,000 PIPEs in a global setting during 1995-2015 to assess how and through which channels institutional frameworks affect the issuers'...

Firms that follow excessive payout policies (over-payers) are higher on the financial distress spectrum and have lower survival rates than under-payers. In addition, over-payers endure lower future sales and asset growth than under-payers and experience negative abnormal returns in the bond and...

We adjust the dividend-price ratio for share repurchases and investigate whether predictive power can be improved when constructing forecasts of UK and French equity premia. Regulations in the two largest European stock markets allow us to employ actual repurchase data in our predictive...