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The short-term price impact of actual share repurchase announcements in Norway Navn:

Halvorsen, Sindre; Arntsen, Christer Lauen
Master thesis
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URI
https://hdl.handle.net/11250/2688472
Date
2020
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  • Master of Science [963]
Abstract
The master thesis examines stock performance around the announcement of openmarket

share repurchase transactions and the effect of intangible assets and share

repurchases. The study uses data on actual share repurchase transactions conducted

by firms listed on the Oslo Stock Exchange (OSE). There is evidence that share

repurchases generally follows after a negative drift. The results show that the

abnormal return around the announcement is 0.30% on average, with a significant

t-statistics of 2.05. Intangible assets and abnormal returns also show a correlation.

The overall results might suggest that managers, on average, are able to time the

market.

This thesis is a part of the MSc programme at BI Norwegian Business School. The

school takes no responsibility for the methods used, results found, or conclusions

drawn.

Keywords: Share repurchases, price impact, undervaluation hypothesis,

underreaction hypothesis, open market repurchases, information asymmetry
Description
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2020
Publisher
Handelshøyskolen BI

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