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What drives the declining wealth effect of subsequent share repurchase announcements?

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dc.contributor.authorDing, D.K.
dc.contributor.authorKoerniadi, H.
dc.contributor.authorKrishnamurti, C.
dc.date.issued2020
dc.description.abstractRecent academic studies document that open market share repurchase announcements in the United States generate significantly lower returns than those reported in earlier studies. We find that the lower announcement return is associated with an increasing number of subsequent announcements in the more recent periods. Although the announcement period return from the initial announcement is positive, subsequent announcement returns are significantly decreasing. Further, we find that the decreasing returns of subsequent announcements are attributed to firms with negative past repurchase announcement returns. Our multivariate regression test results are consistent with the notion that the decreasing subsequent repurchase announcement returns are driven by hubris-endowed managers.
dc.identifier.citationJournal of Risk and Financial Management, 2020; 13(8, article no. 176):1-14
dc.identifier.doi10.3390/jrfm13080176
dc.identifier.issn1911-8066
dc.identifier.issn1911-8074
dc.identifier.urihttps://hdl.handle.net/11541.2/35185
dc.language.isoen
dc.publisherMDPI AG
dc.rightsCopyright 2020 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution(CC BY) license. (http://creativecommons.org/licenses/by/4.0/)
dc.source.urihttps://doi.org/10.3390/jrfm13080176
dc.subjectcumulative announcement returns
dc.subjectendowed
dc.subjecthubris
dc.subjectopen market share repurchase
dc.titleWhat drives the declining wealth effect of subsequent share repurchase announcements?
dc.typeJournal article
pubs.publication-statusPublished
ror.fileinfo12274510290001831 13274510280001831 What Drives the Declining Wealth Effect of
ror.mmsid9916787525701831

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