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| Author: | Ginglinger, E. L'Her, J-F. |
| Title: | Ownership structure and open market stock repurchases in France |
| Journal: | European Journal of Finance
2006 : JAN, VOL. 12:1, p. 77-94 |
| Index terms: | stock markets corporate governance valuation risk France |
| Freeterms: | ownership structure |
| Language: | eng |
| Abstract: | In this paper, open market stock repurchases (hereafter as: stk-reps.) are examined in France. A positive average market reaction to the stk-reps. announcement (here as: ann.) is found. However, the magnitude of the price reaction is found to depend on a number of corporate governance structure measures. The positive aspects of the ann. appear only for a company with a low likelihood of being taken over, and with a low risk of minority shareholder expropriation. Specifically, stk-reps. programmes are good news when the firm is supported by foreign institutional investors, and in the case of controlled firms. |
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