What Drives the Declining Wealth Effect of Subsequent Share Repurchase Announcements?

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aut.researcherKoerniadi, Hardjo
dc.contributor.authorDing, Den_NZ
dc.contributor.authorKoerniadi, Hen_NZ
dc.contributor.authorKrishnamurti, Cen_NZ
dc.date.accessioned2020-08-10T04:32:04Z
dc.date.available2020-08-10T04:32:04Z
dc.date.copyright2017en_NZ
dc.date.issued2017en_NZ
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, Volume 13, Issue 8, doi: 10.3390/jrfm13080176
dc.identifier.doi10.3390/jrfm13080176
dc.identifier.urihttps://hdl.handle.net/10292/13588
dc.publisherMDPIen_NZ
dc.relation.urihttps://www.mdpi.com/1911-8074/13/8/176en_NZ
dc.rights© 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.rights.accessrightsOpenAccessen_NZ
dc.subjectOpen market share repurchase; Hubris; Cumulative announcement returns; Endowed
dc.titleWhat Drives the Declining Wealth Effect of Subsequent Share Repurchase Announcements?en_NZ
pubs.elements-id288703
pubs.organisational-data/AUT
pubs.organisational-data/AUT/Business, Economics & Law
pubs.organisational-data/AUT/Business, Economics & Law/Finance
pubs.organisational-data/AUT/Business, Economics & Law/Finance/Finance PBRF 2012
pubs.organisational-data/AUT/Faculty of Business, Economics and Law
pubs.organisational-data/AUT/Faculty of Business, Economics and Law/Finance
pubs.organisational-data/AUT/PBRF
pubs.organisational-data/AUT/PBRF/PBRF Business Economics and Law
pubs.organisational-data/AUT/PBRF/PBRF Business Economics and Law/Faculty Review Team PBRF 2018
pubs.organisational-data/AUT/PBRF/PBRF Business Economics and Law/Finance Department PBRF 2018
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