Examinando por Materia "Recompra de acciones"

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    Explorando la señalización corporativa a nivel sectorial en el mercado bursátil estadounidense : el caso de las recompras de acciones
    (Universidad EAFIT, 2024) Rugeles Aristizábal, Felipe; Chaparro Cardona, Juan Camilo; Montoya Gil, Juan Miguel
    This research offers a detailed analysis of the informational content of stock buyback plan announcements and how the reactions of different market agents influence the Price-Earnings Ratio, relative to their sector, of the companies that execute them. The study covers a sample of 40 companies from the U.S. stock market between the years 2018 and 2023, using Fixed Effects models that control for entity and temporality. The results for the complete sample reveal that, on average, repurchase announcements are associated with excess returns of 1.05% in the Price-Earnings Ratio relative to their sector on the day the announcements are made. Furthermore, it is observed that these effects are durable within a ten-day post-announcement window, gradually diminishing to an equivalent effect of 0.20% daily on the tenth day. Additionally, sector-specific analyses show divergences in the results, varying in magnitude, durability, and the sign of the effects, reflecting the specific characteristics of the companies in each sector and how these condition the investors' reactions to the signals sent by the entrepreneurs.