The Persistence of Long-Run Abnormal Returns Following Stock Repurchases and Offerings

• Main Authors: FU, Fangjian, HUANG, Sheng
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2015
• 主題: long-run abnormal returns; market efficiency; stock repurchases; seasoned equity offerings; feedback effect of financial markets; Corporate Finance; Finance and Financial Management
• 在線閱讀: https://ink.library.smu.edu.sg/lkcsb_research/3225; https://ink.library.smu.edu.sg/context/lkcsb_research/article/4224/viewcontent/FuFJHuang_PersistenceLRAbnormalReturns_PP.pdf

The long-run abnormal returns following both stock repurchases and seasoned equity offerings disappear for the events in 2003–2012. The disappearance is associated with the changing market environment: increased institutional investment, decreased trading costs, improved liquidity, and enhanced regu...