The information content of share repurchases – evidence from Poland

Announcements of open market repurchase programmes have recently become common not only in the United States but also in many other, less developed countries. The aim of the paper is to examine the market reaction to share repurchase announcements and to investigate the reasons for the market reacti...

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Bibliographic Details
Published in:E+M ekonomie a management Vol. 21; no. 2; pp. 172 - 185
Main Authors: Wrońska-Bukalska, Elżbieta, Kaźmierska-Jóźwiak, Bogna, Rozkovec, Jiri
Format: Journal Article
Language:English
Published: Liberec Technical University of Liberec 01.04.2018
Subjects:
Abnormal returns
Agency theory
Analysis
Announcements
Cash flow
Companies
Corporate profits
Developing countries
Efficient markets
Hypotheses
Information content
Investments
Investors
LDCs
Market shares
Markets
New stock market listings
Portfolio management
Principal-agent models
Securities buybacks
Stock exchanges
Stock markets
Stock prices
Stock redemption
Stockholders
Trading
Windows
Poland
United States
ISSN:1212-3609, 2336-5064
Online Access:Get full text
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Summary:Announcements of open market repurchase programmes have recently become common not only in the United States but also in many other, less developed countries. The aim of the paper is to examine the market reaction to share repurchase announcements and to investigate the reasons for the market reaction. There is a good deal of research referring to the share repurchases, even in Poland, the originality of our approach is that we conducted our research on an alternative system of trading to the Warsaw Stock of Exchange, namely NewConnect. NewConnect is dedicated to young, small and innovative companies. We found it extremely interesting that such companies in need of external financing take the decision to distribute cash and implement share repurchase.
Bibliography:ObjectType-Article-1
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ISSN:1212-3609
2336-5064
DOI:10.15240/tul/001/2018-2-012