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Impact des rachats d’actions sur la liquidité et la rentabilité des actions

Editor

Listed:
  • Hamon, Jacques

Author

Listed:
  • Brunel, Alexandre

Abstract

The objective of this thesis is to comprehend the behaviour of firms repurchasing their own shares, listed in Paris stock exchange, and liquidity contractors, by examining the impact of their trades on market liquidity and share return. More specifically, the thesis focuses on three elements relating to i) firms motivations for their own share repurchases, ii) efficiency of liquidity contractors in terms of execution of the objectives assigned to them, iii) taking into account the market liquidity and share return in the decision making process (ex ante) and impact of these decisions on liquidity and return (ex post). The information asymmetry and price support hypotheses are studied in the two first parts of the thesis in order to explain the repurchases. In the third part of the thesis, behaviour of liquidity contractors regarding the impact of their trades on market liquidity is investigated.

Suggested Citation

  • Brunel, Alexandre, 2011. "Impact des rachats d’actions sur la liquidité et la rentabilité des actions," Economics Thesis from University Paris Dauphine, Paris Dauphine University, number 123456789/6404 edited by Hamon, Jacques.
    • Handle: RePEc:dau:thesis:123456789/6404
    Note: dissertation
    as

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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Opérations d'initié; Dividendes; Actions de sociétés; Rentabilité; Information;
    All these keywords.

    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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