The effects of stock repurchases on rival firms

Article Abstract:

This paper investigates the stock price behavior of rival firms in the same industry as firms announcing stock repurchase tender offers. Using a sample of 134 repurchase announcements, I find that rival firms on average realize insignificant announcement period abnormal returns. Negative rival stock price performance is detected over longer intervals surrounding the announcement period and for a subset of announcements which ex ante were identified as most likely to affect rivals. This evidence, however, is statistically weak and does little to alter the overall conclusion that the information in repurchase announcements is primarily firm-specific. (Reprinted by permission of the publisher.)

Research, Competition (Economics), Economic aspects, Finance, Prices and rates, Stocks, Corporations, Stock prices, Corporate finance, Stock redemption

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Momentum investing and business cycle risk: evidence from pole to pole

Article Abstract:

No evidence was found supporting the theory that business cycle momentum is attributable to macroeconomic risk variables. Momentum profits were consistently found to be economically sizeable and statistically reliable during both bad and good economic conditions.

Comparative analysis, Business cycles, Macroeconomics, Corporate growth, Industry growth

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The market impact of trends and sequences in performance: new evidence

Article Abstract:

A study on football wagering market for analyzing investor behavior is presented. The study proves that investor behavior does not follow the pattern predicted by Barberis, Shieifer, and Vishny's model.

United Kingdom, Forecasts, trends, outlooks, Analysis, Forecasts and trends, Behavior, Market trend/market analysis, Competitions, Investors, Soccer, Gambling systems

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