The Persistence of Long-Run Abnormal Returns: Evidence from Stock Repurchases and Offerings

• Main Authors: FU, Fangjian, HUANG, Sheng, LIN, Hu
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2012
• 主題: Long-run abnormal returns; market efficiency; stock repurchases; seasoned equity offerings; Finance and Financial Management
• 在線閱讀: https://ink.library.smu.edu.sg/lkcsb_research/3270; https://ink.library.smu.edu.sg/context/lkcsb_research/article/4269/viewcontent/FuFJSHuangLRR_FMA2012.pdf

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 ro...