Director Purchases Talk and Buybacks Whisper

Andriosopoulos, Dimitris and Hoque, Hafiz (2014) Director Purchases Talk and Buybacks Whisper. Preprint / Working Paper. UNSPECIFIED. (Unpublished)

Abstract

We investigate share repurchases and directors' purchase in the UK due to the uniqueness of its disclosure framework allowing for very timely and accurate information on the aforementioned trades. We give fresh evidence on the relatively unexplored question whether managers conduct buybacks or insiders purchase shares for market timing or price support, in the UK. We provide evidence on the difference in magnitude of the signalling effect between buybacks and insider trades. We find the directors time their trades for both share buybacks and their personal trades. In addition, we find that insider purchases have a larger (but "cheap") and short-lived impact on share prices, whereas buybacks have a gradually (but "expensive") increasing impact.

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• Item metadata

  Item type:	Monograph(Preprint / Working Paper)
  ID code:	54221
  Dates:	Date Event October 2014 Published
  Subjects:	Social Sciences > Finance Social Sciences > Commerce > Accounting
  Department:	Strathclyde Business School > Accounting and Finance
  Depositing user:	Pure Administrator
  Date deposited:	08 Sep 2015 13:15
  Last modified:	09 Apr 2024 04:40
  URI:	https://strathprints.strath.ac.uk/id/eprint/54221