Ownership structure and open market stock repurchases in france

Posted: vistawin Date: 01.06.2017

This paper examines open market stock repurchases in France. We find a positive average market reaction to the repurchase announcement. However, the magnitude of the price reaction is found to depend on a number of corporate governance structure measures.

The positive aspects of the announcement only appear for a company with a low likelihood of being taken over, and with a low risk of minority shareholder expropriation. Specifically, stock repurchase programmes are good news when the firm is supported by foreign institutional investors, and in the case of controlled firms, when the firm has a second large shareholder, which guarantees an effective balance of power for the controlling shareholders.

Article Purchase 24 hours access for EUR 35, Issue Purchase 30 days access for EUR , Journal The European Journal of Finance Volume 12, - Issue 1. Submit an article Journal homepage. Edith Ginglinger CEREG , Paris-Dauphine University , France Correspondence edith.

ownership structure and open market stock repurchases in france

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Ownership structure and open market stock repurchases in France

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