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Author
Szyszka Adam (Poznań University of Economics, Poland), Zaremba Adam (Poznań University of Economics, Poland)
Title
The Buyback Anomaly in the Polish Capital Market
Anomalia skupów akcji własnych na polskim rynku kapitałowym
Source
Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia, 2011, nr 38, s. 481-494, tab., bibliogr. 35 poz.
Keyword
Wykup akcji własnych, Rynek kapitałowy, Stopa zwrotu akcji, Spółki giełdowe
Stock buyback, Capital market, Stock rate of returns, Stock market companies
Note
streszcz., summ..
Abstract
Badania amerykańskiego rynku akcji wykazały występowanie długoterminowych ponadprzeciętnych stóp zwrotu z inwestycji w spółki, które dokonywały skupu akcji własnych. Celem niniejszego artykułu jest weryfikacja, czy podobna anomalia występuje na rynku polskim. Przeprowadzone analizy potwierdzają występowanie długoterminowych ponadprzeciętnych stóp zwrotu ze spółek skupujących własne akcje oraz wskazują na zyskowność strategii inwestycyjnej, polegającej na budowaniu portfeli złożonych ze spółek, które uprzednio ogłosiły skup akcji własnych. W artykule wskazujemy także na potencjalne przyczyny i wskazujemy na różne możliwe interpretacje zaobserwowanych przez nas wyników. (abstrakt oryginalny)

A number of studies carried out on US stock market data found substantial long-term returns following stock buybacks. The aim of this paper is to verify if a similar anomaly can be observed happening on the Polish stock market. We confirmed the existence of long-term abnormal returns following buybacks and the profitability of the buyback mimicking strategy (i.e. buying stocks after repurchase announcements). We discuss potential resources and present various interpretations for our evidence. (original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
The Main Library of the Wroclaw University of Economics
Szczecin University Main Library
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Bibliography
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ISSN
1640-6818
1733-2842
Language
pol
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