The impact of open market equity repurchases on UK equity prices

European Journal of Finance

Volumn 2, Issue 4, 1996, Pages 353-370

  Rees, William ^a  

^a UNIVERSITY OF GLASGOW   (United Kingdom)

Author keywords

event studies; G14 information and market efficiency; G32 financing policy: capital and ownership structure

Indexed keywords

EID: 0142005541     PISSN: 1351847X     EISSN: 14664364     Source Type: Journal    
DOI: 10.1080/13518479600000014     Document Type: Article

References (26)

1. Ambarish, R., John, K., and Williams, J., 1987. Efficient signalling with dividends and investments. Journal of Finance, 42: 321-343.
2. Ashton, D., 1991. Corporate financial policy: American analogies and UK taxation. Journal of Business Finance and Accounting, 18: 465-482.
3. Asquith, P., and Mullins, D., 1986. Signalling with dividends, stock repurchases, and equity issues. Financial Management, 15: 27-44.
4. Barclay, M., and Smith, C., 1988. Corporate payout policy. Cash dividends versus open market repurchases. Journal of Financial Economics, 22: 61-82.
5. Barclay, M., and Litzenberger, R., 1988. Announcement effects of new equity issues and the use of intraday price data. Journal of Financial Economics, 21: 71-99.
6. Bartov, E., 1991. Open market stock repurchases as signals for earnings and risk changes. Journal of Accounting and Economics, 14: 275-294.
7. Brennan, M., and Thakor, A., 1990. Shareholder preferences and dividend policy. Journal of Finance, 45: 993-1018.
8. Comment, R., and Jarrell, G., 1991. The relative signalling power of dutch-auction and fixed-price self-tender offers and open-market share repurchases. Journal of Finance, 46: 1243-1271.
9. Constantinides, G., and Grundy, B., 1989. Optimal investment with stock repurchase and financing as signals. Review of Financial Studies, 2: 445-465.
10. Dann, L., 1981. Common stock repurchases: an analysis of returns to bondholders and stock holders. Journal of Financial Economics, 9: 113-138.
11. Dann, L., 1986. “ Common stock repurchases; what do they really accomplish ”. In The Revolution in Corporate Finance, Edited by: Stern, J., and Chess, D., 124-131. New York: Basil Blackwell.
12. Dann, L., Masulis, R., and Mayers, D., 1991. Repurchase tender offers and earnings information. Journal of Accounting and Economics, 14: 217-252.
13. Dimson, E., 1979. Risk measurement when shares are subject to infrequent trading. Journal of Financial Economics, 7: 197-226.
14. Eckbo, B., 1986. Valuation effects of corporate debt offerings. Journal of Financial Economics, 15: 119-151.
15. Hertzel, M., and Jain, P., 1991. Earnings and risk changes around stock repurchase tender offers. Journal of Accounting and Economics, 14: 253-274.
16. Holthausen, R., Leftwich, R., and Mayers, D., 1987. The effect of large block trading on security prices. Journal of Financial Economics, 19: 237-267.
17. John, K., and Williams, J., 1985. Dividends, dilution, and taxes: a signalling equilibrium. Journal of Finance, 40: 1053-1070.
18. Karpoff, J., 1987. The relation between price changes and trading volume: a survey. Journal of Financial and Quantitative Analysis, 22: 109-126.
19. Masulis, R., 1980. Stock repurchases by tender offer: an analysis of the causes of common stock price changes. Journal of Finance, 35: 305-319.
20. Ofer, A., and Thakor, A., 1987. A theoy of stock price responses to alternative cash disbursement methods: stock repurchases and dividends. Journal of Finance, 42: 356-394.
21. Pugh, W., and Jahera, J., 1990. Stock repurchases and excess returns: an empirical examination. Financial Review, 25: 127-142.
22. Smith, C., 1986. Investment banking and the capital acquisition process. Journal of Financial Economics, 15: 330
23. Vermaelen, T., 1981. Common stock repurchases and market signalling. Journal of Financial Economics, 9: 139-183.
24. Vermaelen, T., 1984. Repurchases, tender offers, signalling and managerial incentives. Journal of Financial and Quantitative Analysis, 19: 163-181.
25. White, H., 1980. A heteroscedastic-consistent covariance matrix and a direct test for heteroscedasticity. Econometrica, 48: 721-746.
26. Williams, J., 1988. Efficient signalling with dividends, investment, and stock repurchases. Journal of Finance, 43: 37-747.