The Role of Media in Share Repurchases

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dc.contributor.authorPinto, Cristián
dc.date.accessioned2015-10-02T12:15:12Z
dc.date.available2015-10-02T12:15:12Z
dc.date.issued2015-08
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.es_CL
dc.format.extent18 páginases_CL
dc.identifier.citationRevista Brasileira de Gestão de Negócios, 2016, v. 18, n. 61, p. 473-496
dc.identifier.urihttp://hdl.handle.net/11447/120
dc.identifier.urihttp://dx.doi.org/10.7819/rbgn.v18i61.2845
dc.language.isoen_USes_CL
dc.publisherSchool of Business and Economics, Universidad del Desarrolloes_CL
dc.relation.ispartofseriesWorking Paper;22
dc.subjectInvestor attentiones_CL
dc.subjectShare repurchaseses_CL
dc.subjectNews analyticses_CL
dc.subjectMedia coveragees_CL
dc.titleThe Role of Media in Share Repurchaseses_CL
dc.typeDocumento de trabajoes_CL

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