The Nature and Persistence of Buyback Anomalies

By U. Peyer, T. Vermaelen. 2009

381 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/ac27480ac3970a99df9f9b2cd7ee877c45d9aa3a

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Citations in the corpus

The Real Effects of Share Repurchases (2016, positive): “This literature suggests that firms repurchase stock when their stock price is undervalued (Ikenberry et al., 1995; Brockman and Chung, 2001; Peyer and Vermaelen, 2007), when they lack future growth opportunities (Grullon and Michaely, 2004), to signal strong future performance (Lie, 2005), to boost”
The timing of financing decisions: An examination of the correlation in financing waves (2008, background): “Ikenberry, Lakonishok, and Vermaelen (1995) and Peyer and Vermaelen (2008) find that stock repurchases follow periods of abnormal negative returns for firms.”
Do Managers Intentionally Use Repurchase Tender Offers to Signal Private Information? Evidence from Firm Financial Reporting Behavior (2007, background): “Consistent with the signaling hypothesis, the average firm experiences very positive repurchase announcement abnormal returns (Dann, 1981; Comment and Jarrell, 1991) and post-repurchase announcement long-term abnormal returns ( Peyer and Vermaelen, 2006 ).”
Can Managers Time the Market? Evidence Using Repurchase Price Data (2015, methodology): “2%, which is consistent with prior evidence, given the majority of the announcement are open market stock repurchases [Vermaelen (1984), Comment and Jarrell (1991), Ikenberry et al.”
Overvalued Equity and Financing Decisions (2012, neutral): “The third kind of evidence is that proxies for overvaluation are associated with greater capital expenditures and R&D (Gilchrist, Himmelberg, and Huberman (2005) and Polk and Sapienza (2009); see also Titman, Wei, and Xie (2004)). Furthermore, the effects of stock market valuations (efficient or oth”
Share Repurchases as a Potential Tool to Mislead Investors (2010, neutral): “Peyer and Vermaelen (2009) find supporting evidence for this same notion; they report that long-run return performance following OMSRs is negatively related to the return observed six-months prior to their announcement.”
Investor Horizons and Corporate Policies (2013, neutral): “fifth and sixth proxies, we use future excess returns (see Baker, Stein, and Wurgler (2003), Polk and Sapienza (2009)) and mutual fund flows (see Edmans, Goldstein,”
Information Asymmetry and the Value of Cash (2007, neutral): “These findings extend the result in Pinkowitz et al. (2006) that cash is worth less in countries with a low level of financial development because these countries have poor investor protection.”