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The market reaction to open market share repurchases announcements: The South African experience
16 references·4 citing·33 second hopsampled
The market reaction to open market share repurchases announcements: The South African experience (2007)The market reaction to open market share …Dividends, Share Repurchases, and the Substitution Hypothesis (2002)Dividends, Share Repurchases,…Financial flexibility and the choice between dividends and stock repurchases (2000)Financial flexibility and the…Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.1 (1998)Market efficiency, long-term …Detecting long-run abnormal stock returns: The empirical power and specification of test statistics (1997)Detecting long-run abnormal s…The New Issues Puzzle (1995)The New Issues PuzzleMarket underreaction to open market share repurchases (1995)Market underreaction to open …Contrarian Investment, Extrapolation, and Risk (1994)Contrarian Investment, Extrap…Common risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…The Post-Merger Performance of Acquiring Firms: A Re-Examination of an Anomaly (1992)The Post-Merger Performance o…The Cross-Section of Expected Stock Returns (1992)The Cross-Section of Expected…Simple Technical Trading Rules and the Stochastic Properties of Stock Returns (1992)Simple Technical Trading Rule…The Long‐Run Performance of initial Public Offerings (1991)The Long‐Run Performance of i…A Test of the Efficiency of a Given Portfolio (1989)A Test of the Efficiency of a…Using daily stock returns (1985)Using daily stock returnsDividend Policy under Asymmetric Information (1985)Dividend Policy under Asymmet…The Dividend Puzzle (1976)The Dividend PuzzleDeterminants of the choice between share repurchases and dividend payments (2017)Determinants of the choice be…Stock return anomalies: Evidence from the Johannesburg Stock Exchange (2012)Stock return anomalies: Evide…Share Price Reaction to Earnings Announcement on the JSE-ALtX: A Test for Market Efficiency (2011)Share Price Reaction to Earni…Dividend policy in South Africa (2008)Dividend policy in South Afri…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)Risk, Return, and Equilibrium: Empirical Tests (1973)On Persistence in Mutual Fund Performance (1997)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)An Empirical Evaluation of Accounting Income Numbers (1968)Time Series Analysis: Forecasting and Control (1977)Time Series Analysis: Forecasting and Control (1977)Efficient Capital Markets: II (1991)ARCH modeling in finance (1992)Dividend Policy, Growth, and the Valuation of Shares (1961)Job Market Signaling (1973)Corporate financing and investment decisions when firms have information that investors do not have (1984)Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have (1984)RISK, UNCERTAINTY, AND DIVERGENCE OF OPINION (1977)Does the Stock Market Overreact? (1985)INITIAL PUBLIC OFFERINGS (1988)Event Studies in Economics and Finance (1997)Investor Psychology and Security Market Under‐ and Overreactions (1998)Investor Sentiment and the Cross‐Section of Stock Returns (2006)The relationship between return and market value of common stocks (1981)Editor's Choice Digesting Anomalies: An Investment ApproachTHE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Value versus Growth: The International Evidence (1998)Value and Momentum Everywhere (2013)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Multifactor Explanations of Asset Pricing Anomalies (1996)Capital markets research in accounting (2001)Introductory Econometrics for Finance (2008)Investor Psychology and Asset Pricing (2001)More Than Words: Quantifying Language to Measure Firms' Fundamentals (2008)Presidential Address: Discount Rates (2011)
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References

  • 1993Common risk factors in the returns on stocks and bonds26,615 cited
  • 1992The Cross-Section of Expected Stock Returns17,251 cited
  • 1985Using daily stock returns6,497 cited
  • 1994Contrarian Investment, Extrapolation, and Risk4,198 cited
  • 1995The New Issues Puzzle3,550 cited
  • 1991The Long‐Run Performance of initial Public Offerings3,500 cited
  • 1985Dividend Policy under Asymmetric Information3,459 cited
  • 1997Detecting long-run abnormal stock returns: The empirical power and specification of test statistics2,690 cited
  • 1998Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.12,572 cited
  • 1989A Test of the Efficiency of a Given Portfolio2,369 cited
  • 1992Simple Technical Trading Rules and the Stochastic Properties of Stock Returns2,298 cited
  • 1995Market underreaction to open market share repurchases1,739 cited
  • 2002Dividends, Share Repurchases, and the Substitution Hypothesis1,467 cited
  • 1976The Dividend Puzzle1,235 cited

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1992
The Post-Merger Performance of Acquiring Firms: A Re-Examination of an Anomaly
1,199 cited
  • 2000Financial flexibility and the choice between dividends and stock repurchases1,043 cited
  • Cited by

    • 2017Determinants of the choice between share repurchases and dividend payments34 cited
    • 2012Stock return anomalies: Evidence from the Johannesburg Stock Exchange32 cited
    • 2008Dividend policy in South Africa31 cited
    • 2011Share Price Reaction to Earnings Announcement on the JSE-ALtX: A Test for Market Efficiency25 cited