stock repurchase announcements: a test of market ... - Asbbs.org

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Stock Repurchase Announcements HRLY Herely Industries Incorporate May 30, 2003 NASDAQ WMT Wal-Mart June 5, 2003 NYSE BORL Borlan Software Corporation August 7, 2003 NASDAQ GTIV Gentiva Health Services Incorporate August 7, 2003 NASDAQ CHKP Check Point Software Technologies October 28, 2003 NASDAQ ELNK Earthlink Incorporate April 23, 2004 NASDAQ SYNP Synplicity May 25, 2004 NASDAQ INFA Informatica Corporation July 2, 2004 NASDAQ ELON Ecelon Corporation September 1, 2004 NASDAQ ACME ACME Communication November 8, 2004 NASDAQ ITIC Investors Title Company November 11, 2004 NASDAQ PLUS.PK ePlus Incorporate November 18, 2004 NASDAQ GE General Electric Company December 10, 2004 NYSE CYMI Cymer Incorporate January 27, 2005 NASDAQ OPNT OPNET Technologies Incorporate January 31, 2005 NASDAQ YHOO Yahoo! Incorporate March 24, 2005 NASDAQ ALOG Analogic Corporation June 7, 2005 NASDAQ VRSN VeriSign Incorporate August 9, 2005 NASDAQ HPQ Hewlett-Packard Company August 26, 2005 NYSE SSYS Stratasys Incorporate October 28, 2005 NASDAQ X United States Steal Corporation January 31, 2006 NYSE BAC Bank of America Corporation April 26, 2006 NYSE NKE Nike Incorporate June 19, 2006 NYSE VOXX Audiovox Corporation July 10, 2006 NASDAQ STEC STEC Incorporate July 10, 2006 NASDAQ MSFT Microsoft Corporation July 20, 2006 NASDAQ ALDA Aldila Incorporate July 28, 2006 NASDAQ CPWR Compuware Corporation August 22, 2006 NASDAQ K Kellogg Corporation December 11, 2006 NYSE ALCO Alico Incorporate January 4, 2007 NASDAQ KFT Kraft Foods Incorporate February 20, 2007 NYSE WSBC WesBanco Incorporate March 22, 2007 NASDAQ DNA Genentech Incorporate April 20, 2007 NYSE NVDA NVIDIA Corporation May 21, 2007 NASDAQ IBM International Business Machines May 29, 2007 NYSE BKC Burger King Corporation June 1, 2007 NYSE HOME Home Depot June 19, 2007 NASDAQ WGO Winnebago Industries July 2, 2007 NYSE JNJ Johnson & Johnson July 10, 2007 NYSE COP ConocoPhillips July 10, 2007 NYSE SHLD Sears July 10, 2007 NASDAQ ASBBS E-Journal, Volume 4, No.1, 2008 98
Kinsler and Bacon AA Alcoa July 12, 2007 NYSE TLGD Tollgrade Communications Incorporate July 26, 2007 NASDAQ PAYX Paychex Incorporate August 3, 2007 NASDAQ TKLC Tekelec August 10, 2007 NASDAQ SAPE Sapient August 20, 2007 NASDAQ ATML Atmel August 27, 2007 NASDAQ QCOM Qualcomm Incorporate August 27, 2007 NASDAQ CVX Chevron Corporation September 27, 2007 NYSE HW Headwaters Incorporate October 22, 2007 NYSE DELL Dell Incorporate December 4, 2007 NASDAQ MRT Morton's Restaurant Group January 15, 2008 NYSE TRMB Trimble Navigation Ltd January 23, 2008 NASDAQ To test semi-strong form market efficiency with respect to public announcements of stock repurchases and to examine the effect of stock repurchase announcements on stock return around the announcement date, this study proposes the following null and alternate hypotheses: H10: The risk adjusted return of t he stock price of the sample of firms announcing stock repurchases is not significantly affected by this type of information on the announcement date. H11: The risk adjusted return of the stock price of the sample of firms announcing stock repurchases is significantly positively affected by this type of infor mation on the announcement date. H20: The risk adjusted return of the stock price of the sample of firms announcing stock repurchases i s not signific antly affected by t his t ype of inform ation around t he announce ment date as defined by the event period. H21: The risk adjusted return of the stock price of the sample of firms announcing stock repurchases is significantly positivel y affected around the announcem ent date as defined by the event period. The annou ncement date (day 0), is th e da te of the firm ’s announcem ent of the stock repurchase. The required historical financial da ta, the fir ms’ stock prices and the corresponding time matched S&P 500 index values for each obser vation for the event study, will be obtained from the internet website http://finance.yahoo.com/. The historic al stock pric es of the sam ple companies announcing stock repurchases, and the correspondin g S&P 500 in dex values, for the event study duration of -180 to +30 days (with day –30 to day +30 defined as the event pe riod and day 0 th e announcement date) were obtained. The holding p eriod returns of the co mpanies (R) and the corresponding S&P 500 index (Rm) for each day in this study period were calculated using the following formula: or Current daily stock return = (current day close price – previous day close price) previous day close price Current daily S&P 500 return = (current day close price – previous day close price) previous day close price A regression analysis was performed using the act ual daily return of ea ch company (dependent variable) and the correspo nding S&P 5 00 daily return (independent variable) over the pre-event period (day -180 to day -31) to obtain the required alpha and beta coefficients. ASBBS E-Journal, Volume 4, No.1, 2008 99
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ASBBS eJournal Volume 4, No.1, 2008
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THE SUPREME COURT GRANTS CERTIORARI
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Deductibility of investment fees…
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Mellon Bank, N.A. v. United States,
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Browning Questions for consideratio
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Browning to fully realize each of t
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Browning email and document exchang
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Browning VirtualOfficeInternational
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Dhareshwar and Bacon poor earnings
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Dhareshwar and Bacon 10 11-Apr-07 G
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Dhareshwar and Bacon 28 20-Jul-07 C
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Dhareshwar and Bacon study as it is
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Dhareshwar and Bacon AER 0 -0.02 -0
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Dhareshwar and Bacon shows the exis
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Fekula and Hornyak of qualit y rese
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Fekula and Hornyak order of authors
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Fekula and Hornyak Cumulative % of
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Fekula and Hornyak 3 Figure 3 allow
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Fekula and Hornyak Alonso, C.J., Da
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Fekula and Hornyak WA St Louis 4.1
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Fekula and Hornyak VA Commonwealth
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Page 81 and 82: King and Case Since soldiers were g
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Page 87 and 88: King and Case In an effort to contr
Page 89 and 90: King and Case The first control act
Page 91 and 92: King and Case APPENDIX - REPORT 1 A
Page 97 and 98: Kinsler and Bacon The purpose of th
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Page 121 and 122: Koyame-Marsh CONCLUSION The paper a
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Page 133 and 134: THE SPIRITUAL DIMENSION OF QUALITY:
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ABSTRACT Major trends in hotel gues
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Hotel Guestroom Technology The impa
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Hotel Guestroom Technology ourselve
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Hotel Guestroom Technology booking
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Hotel Guestroom Technology Most peo
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Hotel Guestroom Technology Minibar
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AN HISTORICAL PERSPECTIVE OF ACCOUN
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Accounting for Income Taxes 1920-19
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SUSTAINABLE GROWTH MODELING: A LONG
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Growth …Analysis of Harley-Davids
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Growth …Analysis of Harley-Davids
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FIRM EXPANSION AND REGIONAL DEVELOP
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Importance of Geographic Space and
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INNOVATIVE HRM: HOW HR ACTIVITIES C
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Innovative HRM intention would be t
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strategy implementation best. It se
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Innovative HRM It must be noted tha
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approach to compensation does not o
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Allied Signal, Dupont, Honeywell, B
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Figure 5: General Schemata of BSC:
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Innovative HRM where open communica
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Zomorrodian, A (1999) “Learning O
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