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Stock repurchases by real estate investment trusts : investors’ reactions and the impact on share price performance
Dissertation (MBA)--University of Pretoria, 2012.
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| Format: | Thesis |
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University of Pretoria
2013
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| _version_ | 1867613490636652544 |
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| access_status_str | Open Access |
| author2 | Pieterse, Thea |
| author_browse | Pieterse, Thea |
| author_facet | Pieterse, Thea |
| collection | Thesis |
| dc_rights_str_mv | © 2011 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. |
| description | Dissertation (MBA)--University of Pretoria, 2012. |
| format | Thesis |
| id | oai:repository.up.ac.za:2263/27169 |
| institution | University of Pretoria (South Africa) |
| last_indexed | 2026-06-10T12:36:58.812Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UPSpace — University of Pretoria Institutional Repository |
| publishDate | 2013 |
| publishDateRange | 2013 |
| publishDateSort | 2013 |
| publisher | University of Pretoria |
| publisherStr | University of Pretoria |
| record_format | dspace |
| source_str | UPSpace — University of Pretoria Institutional Repository |
| spelling | oai:repository.up.ac.za:2263/27169 Stock repurchases by real estate investment trusts : investors’ reactions and the impact on share price performance Pieterse, Thea ichelp@gibs.co.za Van de Vyver, Riaan UCTD Behavioural finance Share price Market signalling Efficient market hypothesis (emh) Dissertation (MBA)--University of Pretoria, 2012. This study examined the impact of open-market stock repurchases by Real Estate Investment Trusts (REITs) on the share price of the featured company. Two aspects of investment finance are rational behaviour and efficient markets. Both of these concepts were explored to understand why a share repurchase would have an impact on a company share price.Causal research was conducted to analyse the correlation between a share repurchase event and the share price of the featured company. The share buyback announcements were collected from the Bloomberg database. The holding period returns were calculated and compared to zero to analyse whether there was any momentum or contrarian signals. The holding period returns were also adjusted for the average of the all REIT index to ascertain whether the returns were abnormal or not.The results have shown share repurchase transactions to be contrarian indicators of share price performance. Even when the results were adjusted for the REIT index, the negative returns continued. Gordon Institute of Business Science (GIBS) unrestricted 2013-09-07T10:51:38Z 2012-10-01 2013-09-07T10:51:38Z 2012-03-08 2012-10-01 2012-08-11 Dissertation Van de Vyver, R 2011, Stock repurchases by real estate investment trusts : investors’ reactions and the impact on share price performance, MBA dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://hdl.handle.net/2263/27169 > F/12/4/796/zw http://hdl.handle.net/2263/27169 http://upetd.up.ac.za/thesis/available/etd-08112012-175307/ © 2011 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. application/pdf University of Pretoria |
| spellingShingle | UCTD Behavioural finance Share price Market signalling Efficient market hypothesis (emh) Stock repurchases by real estate investment trusts : investors’ reactions and the impact on share price performance |
| title | Stock repurchases by real estate investment trusts : investors’ reactions and the impact on share price performance |
| title_full | Stock repurchases by real estate investment trusts : investors’ reactions and the impact on share price performance |
| title_fullStr | Stock repurchases by real estate investment trusts : investors’ reactions and the impact on share price performance |
| title_full_unstemmed | Stock repurchases by real estate investment trusts : investors’ reactions and the impact on share price performance |
| title_short | Stock repurchases by real estate investment trusts : investors’ reactions and the impact on share price performance |
| title_sort | stock repurchases by real estate investment trusts investors reactions and the impact on share price performance |
| topic | UCTD Behavioural finance Share price Market signalling Efficient market hypothesis (emh) |
| url | http://hdl.handle.net/2263/27169 http://upetd.up.ac.za/thesis/available/etd-08112012-175307/ |