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.

引用

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页码：429 / 432

页数：4

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