TY  - UNPD
A1  - Ben-Rephael, Azi
A1  - Oded, Jacob
A1  - Wohl, Avi
T1  - Do firms buy their stock at bargain prices? : Evidence from actual stock repurchase disclosure
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2011,17
N2  - We use new data from SEC filings to investigate how S&P 500 firms execute their open market repurchase programs. We find that smaller S&P 500 firms repurchase less frequently than larger firms, and at a price which is significantly lower than the average market price. Their repurchase activity is followed by a positive and significant abnormal return which lasts up to three months after the repurchase. These findings do not hold for large S&P 500 firms. Our interpretation is that small firms repurchase strategically, whereas the repurchase activity of large firms is more focused on the disbursement of free cash. JEL Classification: G14, G30, G35 Keywords: Stock Repurchases, Stock Buybacks, Payout Policy, Timing, Bid-Ask Spread, Liquidity
T3  - CFS working paper series - 2011, 17 
KW  - stock repurchases
KW  - stock buybacks
KW  - payout policy
KW  - timing
KW  - bid-ask spread
KW  - liquidity
Y1  - 2011
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/22701
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-115334
IS  - Version January 11, 2011
ER  -