Buybacks and Russian Financial Market

Student: Syrtsova Sofya

Educational Programme: Economics (Bachelor)

Final Grade: 9

Year of Graduation: 2020

This paper explores the impact of stock repurchases on the Russian financial market stock prices and identifies the main reasons of companies for repurchasing their stocks. This study examines share price reaction surrounding 744 share repurchases announcement made by 50 Russian listed companies from 2006 to 2019 in accordance with the signaling hypothesis. Therefore, there is a possibility of obtaining significant excess returns by investing in shares of companies that repurchase their shares. Using event study methodology and market model, the evidence should indicate that there is a significant increase in share prices. This fact demonstrates the existence of a signaling effect and is consistent with the undervaluation hypothesis.

Full text (added May 14, 2020)

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