The informed options trading hypothesis posits that option prices lead stock prices. In this paper, we extended the research on this hypothesis to open-market share repurchases. Empirical tests showed that the implied volatility spread was not significantly related to buy-and-hold abnormal stock...

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....

Diese Arbeit wurde mit dem Hochschulpreis des Deutschen Aktieninstituts (1. Preis) ausgezeichnet. Die Jury würdigte besonders die hohe Praxisrelevanz der Arbeit sowie die ausführlichen statistischen Analysen. Seit 1998 können deutsche Aktiengesellschaften den Erwerb eigener Aktien als...