The Role of Media in Share Repurchases

dc.creatorPinto, Cristián
dc.date.accessioned2015-10-02T12:15:12Z
dc.date.accessioned2022-10-17T17:56:22Z
dc.date.available2015-10-02T12:15:12Z
dc.date.available2022-10-17T17:56:22Z
dc.date.created2015-10-02T12:15:12Z
dc.date.issued2015-08
dc.identifierRevista Brasileira de Gestão de Negócios, 2016, v. 18, n. 61, p. 473-496
dc.identifierhttp://hdl.handle.net/11447/120
dc.identifierhttp://dx.doi.org/10.7819/rbgn.v18i61.2845
dc.identifier.urihttps://repositorioslatinoamericanos.uchile.cl/handle/2250/4424952
dc.description.abstractI examine the impact that media coverage has on open market share repurchase outcomes. I find that media coverage around repurchase announcements are negatively related to firms’ actual repurchases following the announcements. This result suggests that only firms that do not attract sufficient investor attention to the announcements follow through on their repurchase programs. Furthermore, I find that the highest cumulative abnormal returns three, six, and 12 months following the announcements correspond to firms with the lowest media coverage. These results provide new evidence that media coverage helps improve market efficiency by increasing investor attention.
dc.languageen_US
dc.publisherSchool of Business and Economics, Universidad del Desarrollo
dc.relationWorking Paper;22
dc.subjectInvestor attention
dc.subjectShare repurchases
dc.subjectNews analytics
dc.subjectMedia coverage
dc.titleThe Role of Media in Share Repurchases
dc.typeDocumento de trabajo


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