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Article: Do managers time the market? Evidence from open-market share repurchases

TitleDo managers time the market? Evidence from open-market share repurchases
Authors
KeywordsMarket timing
Pseudo-market timing
Open-market share repurchases
Issue Date2007
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jbf
Citation
Journal of Banking & Finance, 2007, v. 31 n. 9, p. 2673-2694 How to Cite?
AbstractA contentious debate exists over whether executives possess market timing skills when announcing certain corporate transactions. Pseudo-market timing, however, has recently emerged as an important alternative hypothesis as to why the appearance of timing might be evident when, in fact, none exists. We reconsider this debate in the context of share repurchases. Consistent with prior studies, we also report evidence of abnormal stock performance following buyback announcements. Pseudo-market timing, however, does not appear to be a viable explanation. Our results are more consistent with the notion that managers possess timing ability, at least in the context of share repurchases.
Persistent Identifierhttp://hdl.handle.net/10722/85540
ISSN
2015 Impact Factor: 1.485
2015 SCImago Journal Rankings: 1.264

 

DC FieldValueLanguage
dc.contributor.authorChan, Ken_HK
dc.contributor.authorIkenberry, DLen_HK
dc.contributor.authorLee, Ien_HK
dc.date.accessioned2010-09-06T09:06:21Z-
dc.date.available2010-09-06T09:06:21Z-
dc.date.issued2007en_HK
dc.identifier.citationJournal of Banking & Finance, 2007, v. 31 n. 9, p. 2673-2694en_HK
dc.identifier.issn0378-4266en_HK
dc.identifier.urihttp://hdl.handle.net/10722/85540-
dc.description.abstractA contentious debate exists over whether executives possess market timing skills when announcing certain corporate transactions. Pseudo-market timing, however, has recently emerged as an important alternative hypothesis as to why the appearance of timing might be evident when, in fact, none exists. We reconsider this debate in the context of share repurchases. Consistent with prior studies, we also report evidence of abnormal stock performance following buyback announcements. Pseudo-market timing, however, does not appear to be a viable explanation. Our results are more consistent with the notion that managers possess timing ability, at least in the context of share repurchases.-
dc.languageengen_HK
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jbfen_HK
dc.relation.ispartofJournal of Banking & Financeen_HK
dc.rightsNOTICE: this is the author’s version of a work that was accepted for publication in Journal of Banking & Finance. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in PUBLICATION, [VOL 31, ISSUE 9, (2007)] DOI 10.1016/j.jbankfin.2006.09.017en_HK
dc.subjectMarket timing-
dc.subjectPseudo-market timing-
dc.subjectOpen-market share repurchases-
dc.titleDo managers time the market? Evidence from open-market share repurchasesen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0378-4266&volume=31 &issue=9 &spage=2673&epage=2694&date=2007&atitle=Do+managers+time+the+market?+Evidence+from+open-market+share+repurchasesen_HK
dc.identifier.emailChan, K: konan@business.hku.hken_HK
dc.identifier.authorityChan, K=rp01047en_HK
dc.identifier.doi10.1016/j.jbankfin.2006.09.017-
dc.identifier.hkuros141284en_HK
dc.identifier.volume31-
dc.identifier.issue9-
dc.identifier.spage2673-
dc.identifier.epage2694-
dc.publisher.placeNetherlands-

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