Reakcja warszawskiego parkietu na ogłoszenie komunikatu o planowanym nabyciu akcji własnych niedowartościowanych
Streszczenie
This article aims to present the results of empirical studies on the evolution of abnormal rates
of return on undervalued shares of Polish public companies on notice of planned repurchases of
these securities.
The study assumed a signaling hypothesis, which states that the share repurchasing may be
used by managers as a tool for sending information to the market about undervaluation of these
assets. This hypothesis seems to be justified in terms of signaling theory and the theory of
information asymmetry.
This article is divided into two main parts. The first part presents a theoretical concept of
own shares, motives of repurchasing, the internal value of shares and the attractiveness rate of
repurchases.
The second part presents the results of empirical research on the number of buy-back
programs in 2001–2009, and the reasons for carrying out the repurchasing of shares. Main
attention is paid to the analysis of the formation of abnormal rate of return on undervalued shares
with particular emphasis on the planned size of the repurchasing, buy-back method and the size of
the company.