RATIONAL EXPECTATION, FIRM SIZE, AND SAMPLE SELECTION BIAS

被引：0
|
作者：
GUNTHORPE, D
LEVY, H
机构：
[1] UNIV FLORIDA, GAINESVILLE, FL 32611 USA
[2] HEBREW UNIV JERUSALEM, JERUSALEM, ISRAEL
来源：
ECONOMICS LETTERS | 1991年 / 37卷 / 04期
关键词：
D O I：
10.1016/0165-1765(91)90082-V
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Many firms in the U.S. reduce their size by paying stockholders extra cash dividends, or what is more common, by repurchasing stock. Empirical evidence shows that the market's reaction to a stock repurchase is positive. In this paper we show that the positive market reaction to a stock repurchase stems from a sample selection bias. Under rational expectation and no selection bias, zero market reaction is anticipated.
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页码：429 / 432
页数：4
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