Investor sentiment, trading activity and effect of the open-market share repurchase based on firm characteristics

• Autores: Ying Sing Liu
• Localización: Revista española de financiación y contabilidad, ISSN 0210-2412, Vol. 50, Nº 1, 2021, págs. 39-64
• Idioma: inglés
• Títulos paralelos:
  • Sentimiento del inversor, actividad comercial y efecto de la recompra de acciones de mercado abierto basado en las características de la empresa
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• Resumen
  • español

    This study realises that before and after disclosure of repurchase information of share repurchasing firms, there are significant differences in investor sentiment towards the repurchasing stock. With repurchase information, repurchasing firms attempt to reduce negative investor sentiment towards the firms, thereby supporting the sentiment change motivation hypothesis. In addition, this study demonstrates that relationship between investor sentiment and stock returns differs according to investor groups. Margin trading investors, in particular, have irrational investor sentiment on share repurchase events. Finally, firm characteristics that support share repurchase influence the relationship between investor sentiment and cumulative abnormal returns in the study period.

  • English

    Este estudio muestra la existencia de diferencias significativas en el sentimiento de los inversores hacia la recompra de acciones antes y después de la divulgación de la información sobre la recompra de acciones. Las empresas que recompran acciones intentan reducir el sentimiento negativo de los inversores hacia las empresas cuando se conoce la información sobre las recompras, de forma consistente con la hipótesis de motivación del cambio de sentimiento. Además, este estudio pone de manifiesto que la relación entre el sentimiento de los inversores y los rendimientos de las acciones difiere según los grupos de inversores. Los inversores que operan mediante cuentas con posibilidad de venta en descubierto, en particular, tienen un sentimiento irracional con respecto a las recompras de acciones. Por último, las características empresariales que apoyan la recompra de acciones influyen en la relación entre el sentimiento del inversor y los rendimientos anormales acumulados en el período de estudio.

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