search query: @freeterm BUYBACKS / total: 2
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| Author: | Gonzalez, V.M. Gonzalez, F. |
| Title: | Stock repurchases with legal restrictions. Evidence from Spain |
| Journal: | European Journal of Finance
2004 : DEC, VOL 10:6 526-541 |
| Index terms: | Spain |
| Freeterms: | Buybacks Corporate control Event study Free cash flow Sellbacks Signalling |
| Language: | eng |
| Abstract: | This article examines the consequences of legal restrictions on the volume of shares firms can repurchase. Results suggest that the imposition of a limit on the volume of common stock favours the use of open market repurchases (OMRs) compared to other methods of repurchase such as Dutch auctions (DAs) and tender offer repurchases (TORs). The positive share abnormal returns around both announcements of open market buybacks and sellbacks in the full sample suggest that they are basically used to change the ownership structure of the company in a consistent way with the convergence of interest hypothesis. |
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