Using a sample of over 9,000 buyback announcements from 31 non-U.S. countries, we find support for the results of studies based on U.S. data: on average, share repurchases are associated with significant positive short-term and longterm excess returns.
However, excess returns depend on the likelihood of undervaluation, the efficiency and liquidity of equity markets, and the popularity of stock option compensation. In contrast to findings in U.S. markets, we do not find that these long-term excess returns are simply a compensation for takeover risk or have become less significant in recent years.
For decades and decades, Delaware has been the undisputed leader in the market for corporate law. And yet, it is now clear that Delaware’s superiority...
The EU Takeover Bids Directive was passed twenty years ago with the main objective of promoting a single European takeover market. The primary mechanism...
We examine the effects of the sudden abolition of trading commissions by major online brokerages in 2019, which lowered stock market entry costs for...