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Type | Master's Thesis |
Scope | Discipline-based scholarship |
Title | Do firms repurchase stocks when they are undervalued? Evidence from Germany and Switzerland |
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Institution | University of Zurich |
Faculty | Faculty of Business, Economics and Informatics |
Number of Pages | 75 |
Date | 2018 |
Abstract Text | Stock repurchases are a relatively new phenomenon in the German and Swiss markets. Unlike in the United States of America (US), where share repurchase programs (SRPs) were already governed in the Securities Exchange Act of 1934, share buybacks were essentially prohibited in Germany until 1998 and seemed to be merely inexistent in Switzerland until 1993 (Allen & Michaely, 2007; Andres, Betzer, Doumet & Theissen, 2016; Hackethal & Zdantchouk, 2006; Chung, Isakov & Pérignon, 2007). Given this remarkably timeous advance in legislation, it is not surprising that most of the existing literature covering share repurchases focuses on the US market. In these studies, researchers have revealed that the notion of undervaluation is of major importance in explaining the motivation and the timing of share repurchases. |
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