Stock repurchase programs : evidence from Casablanca stock exchange

مقدم أطروحة جامعية

Bin Kabbu, Umar

مشرف أطروحة جامعية

Koubida, Salim

الجامعة

جامعة الأخوين

الكلية

كلية إدارة الأعمال

دولة الجامعة

المغرب

الدرجة العلمية

ماجستير

تاريخ الدرجة العلمية

2010

الملخص الإنجليزي

This research investigated the buybacks in Morocco using the firms listed in CSE that initiated a repurchase program between the period of 2003 and 2008.

The majority of firms that initiated the programs had low debt to equity ratios and show positive cash position.

The prices also increase by an average of 14% after one year of the repurchase.

However, there was not a big change in the capital structure of firms at the post repurchase phase; few firms moved from an extremely low D/E ratio or a high D/E ratio toward a more balanced leverage.

The advanced analytical part showed evidence that there is a relationship between the program size and the pre-repurchase debt to equity and Cash/Total Assets ratios.

Firms could take into consideration the restructuring plans (even minor) and the level of cash to be disbursed, in case there is a lack of investment opportunities, when deciding on the repurchase program size.

Evidence also showed that the success of programs is dependent on the premiums offered one day and one year after the announcement.

التخصصات الرئيسية

العلوم المالية و المحاسبية

الموضوعات

• المغرب

عدد الصفحات

48

قائمة المحتويات

• APA
• MLA
• AMA

لغة النص

الإنجليزية

نوع البيانات

رسائل جامعية

رقم السجل

BIM-625441