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Investor Recognitio...
Investor Recognition and the Long-Run Performance of Repurchases
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- Bodnaruk, Andriy (author)
- Stockholm School of Economics,Handelshögskolan i Stockholm
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- Östberg, Per (author)
- Stockholm School of Economics,Handelshögskolan i Stockholm
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(creator_code:org_t)
- 2004
- English.
- Related links:
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https://research.hhs...
Abstract
Subject headings
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- Theory suggests that firms with lower investor recognition should provide investors with higher returns. Using U.S. data we document a strong negative relationship between changes in investor recognition and asset returns. We demonstrate that investor recognition is a priced factor in asset returns different from the traditional ones. Undertaking a repurchase significantly reduces the firm's investor recognition. Accounting for changes in investor recognition reduces the abnornlal performance of firms undertaking a repurchase by 1.4% over one year.
Subject headings
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Företagsekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Business Administration (hsv//eng)
Publication and Content Type
- ovr (subject category)
- vet (subject category)
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