TY  - THES
U1  - Bachelor Thesis
A1  - Kopper, Jens
T1  - 20 Years Of Share Repurchases In Germany: An Analysis Of Currently DAX, MDAX and SDAX Listed Companies
N2  - The presented paper analyzes share repurchase announcements of currently DAX, MDAX and SDAX listed companies during the 20-year span of 1998 to 2018. The findings show a significantly lower average abnormal return on the announcement day (1.937%) and a lower cumulative average abnormal return around the announcement day (1.943%) than previous studies reported. Moreover, the medium-term cumulative abnormal returns are found to be significant and positive (2.70%). This study finds evidence for the signaling hypothesis, which states the intention behind the repurchase of a company being a perceived undervaluation.
KW  - Share repurchases
KW  - Repurchase motivations
KW  - Signaling hypothesis
KW  - Ad-hoc announcements
KW  - Event study
Y2  - 2019
ER  -