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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.

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Metadaten
Author:Jens Kopper
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):License LogoUrheberrechtlich geschützt