Hamon, Jacques; Ginglinger, Edith - Université Paris-Dauphine - 2007
Research on the impact of open market share repurchases has been hindered by the lack of data available on actual share …,848 repurchases made by 352 French firms, we show that corporate share repurchases have a significant adverse effect on liquidity as … measured by bid–ask spread or depth. Our results also indicate that share repurchases largely reflect contrarian trading rather …