Marknadens reaktion vid avslutade aktieåterköpsprogram

Sammanfattning: This paper investigates the long-run market effects of open market share repurchase programs, specifically focusing on the influence of firm size (market capitalization) and market-to-book ratio on long-run abnormal returns. The study utilizes data from financial databases, including Nasdaq Stockholm and Eikon, as well as information from initiation announcements and other publicly available documents provided by firms listed on the Stockholm Stock Exchange from 2015 to 2022. The findings of the study reveal that the completion of open market repurchase programs does not exhibit a significant impact on the long-term abnormal return of Swedish firms. Additionally, the study indicates that firm size and market-to-book ratio do not exert a substantial influence on the long-run abnormal return. Previous studies on the subject all show a positive abnormal return associated with the announcement of open market share repurchase program. However, this study diverges from previous research by focusing on the impact after the completion date. Consequently, it can be concluded that there is no significant effect on the long-run abnormal return following the completion of an open market share repurchase program, as the market has already incorporated the impact during the announcement phase, thereby reflecting it in the stock price at the completion date.