The Journal of business (Chicago, Ill.), 2003-04, Vol.76 (2), p.289-315
2003
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Details
- Autor(en) / Beteiligte
- Titel
- An Analysis of SEC Guidelines for Executing Open Market Repurchases
- Ist Teil von
- The Journal of business (Chicago, Ill.), 2003-04, Vol.76 (2), p.289-315
- Ort / Verlag
- Chicago: The University of Chicago Press
- Erscheinungsjahr
- 2003
- Quelle
- Business Source Ultimate【Trial: -2024/12/31】【Remote access available】
- Beschreibungen/Notizen
- Rule 10b‐18 is the only guidance the Securities and Exchange Commission provides for open market stock repurchases. Fashioned as a safe harbor without disclosure, 10b‐18 conformity is unverifiable with public data. We use privately disclosed data to document claimed and actual compliance. While the level of compliance is relatively high, only two firms in our sample consistently comply for all repurchases. Even firms that publicly declared compliance violate the safe harbor's bounds. We document that violations of the safe harbor are more likely to occur following price declines. Our investigation questions the regulatory effectiveness of safe harbors without mandatory disclosure.
- Sprache
- Englisch
- Identifikatoren
- ISSN: 0021-9398eISSN: 1537-5374DOI: 10.1086/367751Titel-ID: cdi_proquest_miscellaneous_38483594
- Format
- –
- Schlagworte
- Business, Business economics, Business structures, Business studies, Compliance, Corporations, Datasets, Disclosure, Enterprises, Exchange, Manipulation, Market prices, Nasdaq Composite Index, Open market operations, Open markets, Pulmonary compliance, Regulation of financial institutions, Repurchase, Repurchasing, Safe harbor, SEC regulations, Securities and Exchange Commission regulation, Securities buybacks, Securities issues, Statistical analysis, Stock exchange, Stock exchanges, Studies