The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
The Nature and Persistence of Buyback Anomalies
Abstract
Using recent data, we reject the hypothesis that the buyback anomalies first reported by Lakonishok and Vermaelen (1990, Journal of Finance 45:455--77) and Ikenberry, Lakonishok, and Vermaelen (1995, Journal of Financial Economics 39:181--208) have disappeared over time. We find evidence consistent with the hypothesis that open market repurchases are a response to a market overreaction to bad news: significant analyst downgrades, combined with overly pessimistic forecasts of long-term earnings. Stock prices after tender offers are set as if all investors tender their shares, but empirically they do not. Thus, the arbitrage opportunity persists because the market sets prices as if the average, not the marginal investor, determines the stock price. The Author 2008. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org, Oxford University Press.
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Cites
On Persistence in Mutual Fund Performance
Carhart, M. M. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03808.x · Cited by 17,283
Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency
JEGADEESH, N., & TITMAN, S. (1993) · The Journal of Finance · doi:10.1111/j.1540-6261.1993.tb04702.x · Cited by 11,584
Cited by
Farre-Mensa, J., Michaely, R., & Schmalz, M. (2014) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-110613-034259 · Cited by 224
The cost of financial flexibility: Evidence from share repurchases
Bonaimé, A. A., Hankins, K. W., & Jordan, B. D. (2016) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2016.02.002 · Cited by 68
Metadata
- Authors
- Peyer, U., & Vermaelen, T.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2008-03-27
- Volume
- 22
- Issue
- 4
- Pages
- 1693-1745
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W1990026426
- Cited by
- 327
- References
- 2
- FWCI
- 19.83
- Type
- journal article
- Language
- en
- Open access
- closed
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