The Persistence of Long-Run Abnormal Returns Following Stock Repurchases and Offerings
نویسندگان
چکیده
منابع مشابه
The Persistence of Long-Run Abnormal Returns: Evidence from Stock Repurchases and Offerings
Prior studies have documented that stock returns are abnormally high during the years following share repurchases and abnormally low following seasoned equity offerings, relative to various benchmarks of expected returns. While we confirm this evidence in the event data as of 2002, we do not find robust long-run abnormal returns following either stock repurchases or issuances after 2002. Instit...
متن کاملThe Long-run Impact of Sentiment on Stock Returns∗
We examine the explanatory and predictive power of fundamental macroeconomic and behavioral factors with regards to stock returns of the Dow Jones Industrials Index. With a novel sentiment dataset from over 3.6 million Reuters news articles, we nd signi cant correlations between Reuters sentiment and stock returns. We show with vector autoregression and error correction models that Reuters sent...
متن کاملChaotic Test and Non-Linearity of Abnormal Stock Returns: Selecting an Optimal Chaos Model in Explaining Abnormal Stock Returns around the Release Date of Annual Financial Statements
For many investors, it is important to predict the future trend of abnormal stock returns. Thus, in this research, the abnormal stock returns of the listed companies in Tehran Stock Exchange were tested since 2008- 2017 using three hypotheses. The first and second hypotheses examined the non-linearity and non-randomness of the abnormal stock returns ′ trend around the release date of annual fin...
متن کاملPurchase Obligations, Earnings Persistence and Stock Returns
This paper examines whether the disclosure of purchase obligations in the MD&A section of 10-K filings provides useful information to investors. Firms are predicted to enter into additional purchase obligations when they expect an increase in demand for their products. As such, growth in purchase obligations is predicted to be associated with higher future sales and earnings. The evidence is co...
متن کاملDecomposing and testing Long-run Returns with an application to initial public offerings in Denmark
An improved method for measuring and testing long-run returns is proposed. The method adjusts for the right-skewed distribution of long-run buy-and-hold by decomposing average crosssectional buy-and-hold returns into mean components and volatility components. The method is applied to initial public offerings in Denmark. The mean-component under performance of initial public offering stocks comp...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Management Science
سال: 2016
ISSN: 0025-1909,1526-5501
DOI: 10.1287/mnsc.2015.2150