Bio-marker schreef op 10 april 2019 10:11:
Interessant onderzoek naar effect van share buyback tegen shortsellers.
Belangrijkste conclusie: Shortsellers zijn in het algemeen de klos in zo een geval omdat management betere informatie heeft.
www.aeaweb.org/conference/2018/prelim...........
dominates short sellers’ information. In fact, disagreement generally carries significantly more positive information than repurchasing and short selling independently. ]
Firms disagreeing with short selling subsequently have positive abnormal returns, release better news, report unexpectedly good earnings, and experience relative declines in risk.[/s] Repurchases are less informative if activist investors target management, insiders sell, or repurchases are dilution-motivated or conducted under preset plans. Our findings yield an implementable trading strategy returning ......