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- Title
STOCK REPURCHASES AND SECURITYHOLDER RETURNS: A CASE STUDY OF TELEDYNE.
- Authors
Wansley, James W.; Fayez, Elayan
- Abstract
This study examines securityholder returns around nine major repurchase announcements and 10 other repurchase-related announcements by the Teledyne Corporation between 1972 and 1984. Statistically significant positive excess returns to common stock and convertible preferred stockholders are documented. Contrary to prior research that investigated the aver- age response to repurchase announcements, however, there is a wealth transfer from bond- holders to stockholders. Bondholder returns around the repurchase announcements are significantly negative. These returns are examined for each announcement and each bond issue.
- Subjects
STOCK repurchasing; CORPORATE finance; STOCKHOLDERS; RATE of return; RATE of return on stocks; INVESTORS; BOND transfer; STOCKHOLDERS equity
- Publication
Journal of Financial Research, 1986, Vol 9, Issue 2, p179
- ISSN
0270-2592
- Publication type
Article
- DOI
10.1111/j.1475-6803.1986.tb00447.x