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Accounting Conservatism Measures and Stock Returns : An empirical comparison of a New Income Statement Based Measure of Conservatism to Existing Measures of Accounting Conservatism
Bressler, Paige - 2016
Accounting conservatism is the tendency to require less evidence to recognize losses in the financial statements and … require a higher degree of evidence to recognize gains in the financial statements. Conservatism has been difficult to measure … on a firm by firm basis. This paper proposes a new measure of conservatism that uses income statement variables. Using …
Persistent link: https://www.econbiz.de/10012986531
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Open market share repurchases in Germany : a conditional event study approach
Andres, Christian; Betzer, André; Doumet, Markus; … - 2013
We analyze the decision to announce an open market share repurchase and the share price reaction to the announcement. We use a conditional estimation approach which takes into account that the repurchase decision is made rationally and that, consequently, there is a potential selection bias....
Persistent link: https://www.econbiz.de/10009750071
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Open market share repurchases in Germany : a conditional event study approach
Andres, Christian; Betzer, André; Doumet, Markus; … - 2014
We analyze the decision to announce an open market share repurchase and the share price reaction to the announcement. We use a conditional estimation approach which takes into account that the repurchase decision is made rationally and that, consequently, there is a potential selection bias....
Persistent link: https://www.econbiz.de/10010428106
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Is the Market Underreacting or Overreacting to Open Market Share Repurchases? A UK Perspective
Crawford, Ian Peter - 2011
Using UK open market repurchases, we reject the market underreaction hypothesis and the market overreaction hypothesis proposed by (Ikenberry, Lakonishok and Vermaelen 1995) and (Peyer and Vermaelen 2009), respectively. The evidence supports that the UK market reacts slowly to actual repurchases...
Persistent link: https://www.econbiz.de/10013133545
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Share Performance of UK Open Market Share Repurchases
Crawford, Ian Peter - 2011
We examine long run firm performance following UK open market share repurchases announced between 1999 and 2004. We find the long run abnormal share performance among UK repurchasing firms after the initial announcement. The mean two-year abnormal buy-and-hold returns of small firms and value...
Persistent link: https://www.econbiz.de/10013134727
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The Signaling Effect and Abnormal Returns of Open Market Share Repurchases in Poland
Słoński, Tomasz - 2012
The phenomena of excessive return following stock repurchase programs are well-documented in financial literature. The majority of studies apply to well-developed markets. The aim of this paper is to scrutinize this anomaly on Polish stock exchange in order to develop general conclusions about...
Persistent link: https://www.econbiz.de/10013105272
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The Persistence of Long-Run Abnormal Stock Returns Following Stock Repurchases and Offerings
Fu, Fangjian - 2014
The long-run abnormal returns following both stock repurchases and seasoned equity offerings disappear for the events in the most recent decade. The disappearance is associated with the changing market environment – increased institutional investment, decreased trading costs, improved...
Persistent link: https://www.econbiz.de/10013067342
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The Timing and Source of Long-Run Returns Following Repurchases
Bargeron, Leonce - 2015
This paper investigates the timing and source of anomalous positive long-run abnormal returns following repurchase authorizations. Returns between program authorization and completion announcements are indistinguishable from zero. Abnormal returns occur only after completion announcements....
Persistent link: https://www.econbiz.de/10013034851
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Incomplete share repurchase programs in Vietnam : completion rates and short-term returns
Kien Cao; Nguyen Thuy Thu; Nguyen Thi Hoa Hong; Hien Bui - In: International Journal of Financial Studies : open … 8 (2020) 3/57, pp. 1-16
Stock repurchases have become a preferred method of distributing cash to stockholders. However, given the high level of information asymmetry and weak corporate governance as well as poor investor protection in Vietnam, many Vietnamese firms use stock repurchases as a tool to manipulate stock...
Persistent link: https://www.econbiz.de/10012291918
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Does joining the S&P 500 index hurt firms?
Bennett, Benjamin; Stulz, René M.; Wang, Zexi - 2020
We investigate the impact on firms of joining the S&P 500 index from 1997 to 2017. We find that the positive announcement effect on the stock price of index inclusion has disappeared and the long-run impact of index inclusion has become negative. Inclusion worsens stock price informativeness and...
Persistent link: https://www.econbiz.de/10012263191