Motivations et valorisation boursiere des rachats d'actions des entreprises tunisiennes

Abstract

With the drop of the Tunisian financial market, many companies have engaged in a process of share repurchase. This strategy raises many questions: What justifies the repurchase of shares? How does the financial market react when a share repurchase program is announced and implemented? An investigation of companies that have carried out such programs has revealed that the main purpose of this strategy is to signal to the market that the shares are undervalued. The results of event study also indicate that the stock market, in the first days of event, has reacted more positively to the implementation (CAAR=7.35%) than it is the case with the announcement (CAAR = 4.36%) of the programs.