Please use this identifier to cite or link to this item: https://doi.org/10.1016/j.jbankfin.2006.09.017
Title: Do managers time the market? Evidence from open-market share repurchases
Authors: Chan, K.
Ikenberry, D.L.
Lee, I. 
Keywords: Market timing
Open-market share repurchases
Pseudo-market timing
Issue Date: 2007
Source: Chan, K., Ikenberry, D.L., Lee, I. (2007). Do managers time the market? Evidence from open-market share repurchases. Journal of Banking and Finance 31 (9) : 2673-2694. ScholarBank@NUS Repository. https://doi.org/10.1016/j.jbankfin.2006.09.017
Abstract: A contentious debate exists over whether executives possess market timing skills when announcing certain corporate transactions. Pseudo-market timing, however, has recently emerged as an important alternative hypothesis as to why the appearance of timing might be evident when, in fact, none exists. We reconsider this debate in the context of share repurchases. Consistent with prior studies, we also report evidence of abnormal stock performance following buyback announcements. Pseudo-market timing, however, does not appear to be a viable explanation. Our results are more consistent with the notion that managers possess timing ability, at least in the context of share repurchases. © 2007 Elsevier B.V. All rights reserved.
Source Title: Journal of Banking and Finance
URI: http://scholarbank.nus.edu.sg/handle/10635/44504
ISSN: 03784266
DOI: 10.1016/j.jbankfin.2006.09.017
Appears in Collections:Staff Publications

Show full item record
Files in This Item:
There are no files associated with this item.

SCOPUSTM   
Citations

36
checked on Dec 5, 2017

WEB OF SCIENCETM
Citations

27
checked on Nov 16, 2017

Page view(s)

65
checked on Dec 10, 2017

Google ScholarTM

Check

Altmetric


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.