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.
The fall of fascism in Italy in 1943-1944 was followed by the issuance of laws and decrees that made former fascist politicians ineligible for political...
We develop a model in which brown (high-emission) and green (clean-energy) firms compete and seek financing from banks and the capital market. We use...
We assemble cash flow data on all investments by Israeli pension providers in private equity and venture capital funds over nearly 20 years to evaluate...