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20 Years Of Share Repurchases In Germany: An Analysis Of Currently DAX, MDAX and SDAX Listed Companies
- 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.
Author: | Jens Kopper |
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Advisor: | Uwe Hack |
Document Type: | Bachelor Thesis |
Language: | English |
Year of Completion: | 2019 |
Granting Institution: | Hochschule Furtwangen |
Release Date: | 2019/03/06 |
Tag: | Ad-hoc announcements; Event study; Repurchase motivations; Share repurchases; Signaling hypothesis |
Degree Program: | IBM - International Business Management |
Functional area: | Finance & Accounting |
Licence (German): | Urheberrechtlich geschützt |