Industry Concentration and Excess Returns in Australian Equity Markets

2012 ◽  
Author(s):  
David R. Gallagher ◽  
Katja Ignatieva ◽  
James McCulloch
Keyword(s):  
Equity Markets ◽  
Industry Concentration ◽  
Excess Returns

Are Buybacks Good for Long-Term Shareholder Value? Evidence from Buybacks around the World

2018 ◽  
Vol 54 (5) ◽  
pp. 1899-1935 ◽  
Author(s):  
Alberto Manconi ◽  
Urs Peyer ◽  
Theo Vermaelen
Keyword(s):  
Shareholder Value ◽  
Equity Markets ◽  
Share Repurchases ◽  
Excess Returns ◽  
The World ◽  
Average Share ◽  
Short And Long Term ◽  
Good For

Using a sample of over 9,000 buyback announcements from 31 non-U.S. countries, we find support for the results of studies based on U.S. data: On average, share repurchases are associated with significant positive short- and long-term excess returns. However, excess returns depend on the likelihood of undervaluation and the efficiency and liquidity of equity markets. In contrast to findings in U.S. markets, we do not find that these long-term excess returns are simply a compensation for takeover risk or have become less significant in recent years.

scholarly journals Industry concentration, excess returns and innovation in Australia

2014 ◽  
Vol 55 (2) ◽  
pp. 443-466 ◽  
Author(s):  
David R. Gallagher ◽  
Katja Ignatieva ◽  
James McCulloch
Keyword(s):  
Industry Concentration ◽  
Excess Returns

What Segments Equity Markets?

CFA Digest ◽  
2012 ◽  
Vol 42 (2) ◽  
pp. 72-74
Author(s):  
Natalie Schoon
Keyword(s):  
Equity Markets

Industry Concentration and Average Stock Returns

CFA Digest ◽  
2007 ◽  
Vol 37 (1) ◽  
pp. 45-48
Author(s):  
Chenchuramaiah T. Bathala
Keyword(s):  
Stock Returns ◽  
Industry Concentration
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