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Synopsis
Explore how targeted stock repurchases affect share prices and corporate control dynamics.
This study examines the stock price effects surrounding targeted repurchases, showing how initial investments, intervening announcements, and the final repurchase can influence value for both repurchasing and selling firms. The analysis highlights why price moves should be viewed in the context of a broader investment process that includes potential takeovers and other outcomes.
Targeted repurchases are shown to produce a positive overall value on average, driven by earlier investment activity and related events that precede the final repurchase. The paper also identifies conditions under which declines at the repurchase moment are small or statistically insignificant, and it discusses possible interpretations for these price movements. The work uses a detailed four-stage method to measure abnormal returns and compares repurchasing firms with selling firms and matched controls.- Learn how the four-stage valuation approach captures the full effect of an investment sequence, from initial disclosure to the targeted repurchase.
- See how preceding events and control contests influence pre-repurchase returns and the likelihood of future control changes.
- Understand why the negative price move at the repurchase does not necessarily mean a wealth transfer to selling stockholders.
- Compare outcomes for repurchasing firms, selling firms, and matched peers to assess overall value effects.
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Targeted Repurchases and Common Stock Returns (Classic Reprint)
Print on DemandSeller: Forgotten Books, London, United Kingdom
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Paperback. Condition: New. Print on Demand. This book analyzes the effects of targeted stock repurchases on company share prices. It presents fresh evidence on the price impact of these transactions, which see a firm buy back a large block of its shares from a single major shareholder, often at a premium. The author finds that while such repurchases typically cause a short-term decline in the company's share price, this is more than offset by price increases associated with the initial investment announcement and related intervening events. The author also finds that targeted repurchases preceded by a potential or actual takeover attempt, or accompanied by a standstill agreement, have a more pronounced negative effect on share price. The book discusses these findings in the context of the broader debate on targeted repurchases, exploring their implications for stakeholders and corporate governance. Ultimately, it concludes that these transactions should be viewed as part of a larger investment process that includes various potential outcomes, and that their impact on share price cannot be fully understood without considering the broader context. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Seller Inventory # 9781332247325_0
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Targeted Repurchases and Common Stock Returns Classic Reprint
Seller: PBShop.store US, Wood Dale, IL, U.S.A.
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PAP. Condition: New. New Book. Shipped from UK. Established seller since 2000. Seller Inventory # LW-9781332247325
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Targeted Repurchases and Common Stock Returns Classic Reprint
Seller: PBShop.store UK, Fairford, GLOS, United Kingdom
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PAP. Condition: New. New Book. Shipped from UK. Established seller since 2000. Seller Inventory # LW-9781332247325
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