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Article
Publication date: 9 February 2015

Thanh T. Nguyen, Ninon K. Sutton and Dung (June) Pham

The purpose of this paper is to reexamine the stock price drifts after open-market stock repurchase announcements by differentiating actual repurchases from repurchase…

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Abstract

Purpose

The purpose of this paper is to reexamine the stock price drifts after open-market stock repurchase announcements by differentiating actual repurchases from repurchase announcements and by controlling for the repurchasing firms’ earnings improvement in the announcement year relative to the prior year.

Design/methodology/approach

The authors use the calendar-time method and matching method based on different criteria to calculate the post-announcement abnormal returns.

Findings

The results show that only firms actually repurchasing their shares exhibit a positive post-announcement drift. More importantly, the authors find that these repurchasing firms have the same post-announcement drift as their matching firms that have similar size and earnings performance but do not repurchase. This supports the argument that the post-repurchase announcement drift found in previous studies is not a distinct anomaly but the post-earnings announcement drift in disguise.

Social implications

The post-repurchase announcement drift found in previous studies is the post-earnings announcement drift in disguise.

Originality/value

The study shows that because high earnings performance positively relates to real repurchase activities, controlling for earnings performance in examining whether a drift occurs after repurchase announcements.

Details

Managerial Finance, vol. 41 no. 2
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 September 1899

THE best description of this Indicator is published on a large folio four‐page statement written by Mr. John Maclauchlan, Chief Librarian of the Dundee Free Library, and issued on…

37

Abstract

THE best description of this Indicator is published on a large folio four‐page statement written by Mr. John Maclauchlan, Chief Librarian of the Dundee Free Library, and issued on September 22nd, 1879. This sheet is headed, “ Description and Method of using Kennedy's Indicator, invented for the Dundee Free Library in January, 1875, and constantly used therein since July of that year” and contains illustrations of the counter and details of the construction of the Indicator. The following description is abstracted from it:—“This contrivance consists of a series of upright glazed frames so placed as to be easily inspected by the public at the front, or glazed side, and by the library attendants at the back. … Each frame is divided into twenty vertical columns by slips of mahogany, and each of these slips is again sub‐divided into 100 sloping slits by pieces of stiff millboard [now zinc], tightly held in saw cuts made in the sides of the mahogany slips … As the lower edge of each piece of millboard is a little above that of the next one below it, sufficient space is visible of their lower ends in front, and of their upper ends at the back of the Indicator, to receive the catalogue number of each book in the library, printed in bold figures and pasted at the end of the millboard [zinc] strips with strong paste.” Each borrower is provided with a ticket measuring 5⅜ inches by 1 inch, ruled as follows :—

Details

New Library World, vol. 2 no. 3
Type: Research Article
ISSN: 0307-4803

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Article
Publication date: 1 April 1908

THE fact that an English librarian was asked to describe the work of British municipal libraries, to audiences in Antwerp and Brussels, may be taken as a certain indication that a…

40

Abstract

THE fact that an English librarian was asked to describe the work of British municipal libraries, to audiences in Antwerp and Brussels, may be taken as a certain indication that a change is impending in the library world of Belgium. At the invitation of M. Frans Gittens, city librarian, Antwerp, acting on behalf of the Foundation for the Permanent Endowment of the Communal Library and Plantin‐Moretus Museum, and M. Paul Otlet, secretary‐general of the International Institute of Bibliography, Brussels, I had the honour and pleasure of lecturing on English library work and conditions to representative audiences greatly interested in the subject. This, it is understood, is the first time an English librarian has been invited to lecture on such a subject on any part of the Continent, and I certainly felt it a great honour and privilege to be thus selected for such a congenial task. The language difficulty was luckily no great bar, as most of my audiences, both Flemish and French, understood English quite well. In addition, the International Institute of Bibliography had printed a translation of the lecture, as No. 92 of its publications, and this was issued as a twenty‐two page pamphlet entitled Les Bibliothèques municipales en Angleterre, and distributed at Brussels. At Antwerp the programme also contained translations of the titles and remarks about the lantern slides, so that everything was made easy for one who has always deplored his inability to acquire the art of speaking foreign languages. As a further instance of the care and thoughtfulness exercised to provide for my comfort, I should acknowledge the kindness of M. Eugeen Everaerts, town librarian of Ostend, who, on representations from his colleague at Antwerp, met the steamer and passed me and my “projections” through the Custom House without trouble. There is no doubt that our Belgian friends have the knack of making strangers feel thoroughly at home. I am not likely to forget the kindness and hospitality of M. W. von Mallinckrodt, chairman of the Permanent Endowment Commission at Antwerp, who, with his charming wife, invited me to a lunch at which some of the chief residents were present, including Sir Cecil Hertslet, H.B.M. Consul‐General; Mr. Diedrich, the American Consul‐General; M. Henri Hymans, chief librarian of the Royal Library at Brussels; M. Max Rooses, of the Plantin Museum; M. Frans Gittens, with some members of his staff; and other gentlemen connected with the city and municipality of Antwerp. The same kindly hospitality was extended by M. Gittens, of Antwerp, and M. Otlet, at Brussels, and everything was done by all with whom I came in contact to make me feel at ease and nothing of a stranger. In fact it is impossible for anyone who has read Scott, Brontë and Conscience to feel like a stranger in Belgium. The lecture at Antwerp was given in the large and finely decorated hall of the Cercle Royal Artistique, Littéraire et Scientifique d'Anvers, a kind of general Arts Club combining the functions of places like the London Institution with those of an ordinary social club. The hall was capable of seating 1,000 persons, and was rather beyond my poor powers as an elocutionist. About 600 people attended, of whom a large number understood English, and my lecture, luckily for my audience, largely pictorial, was very well received. There was no preliminary introduction of any kind, and my “turn” came on after a concert had been about half heard. The following programme will give an idea of the kind of mixed entertainment which brought out 600 people on a snowy winter's afternoon:—

Details

New Library World, vol. 10 no. 10
Type: Research Article
ISSN: 0307-4803

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Article
Publication date: 1 October 1900

The latest information from the magazine chemist is extremely valuable. He has dealt with milk‐adulteration and how it is done. His advice, if followed, might, however, speedily…

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Abstract

The latest information from the magazine chemist is extremely valuable. He has dealt with milk‐adulteration and how it is done. His advice, if followed, might, however, speedily bring the manipulating dealer before a magistrate, since the learned writer's recipe is to take a milk having a specific gravity of 1030, and skim it until the gravity is raised to 1036; then add 20 per cent. of water, so that the gravity may be reduced to 1030, and the thing is done. The advice to serve as “fresh from the cow,” preferably in a well‐battered milk‐measure, might perhaps have been added to this analytical gem.

Details

British Food Journal, vol. 2 no. 10
Type: Research Article
ISSN: 0007-070X

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