ABSTRACT

This paper re-examines the impact of the EU Market Abuse Directive (MAD) on the market reaction around share repurchase announcements. We use a unique hand-collected dataset of firms listed on the Athens Stock Exchange, and we find evidence that contrasts with previous conclusions for large European economies. The implementation of the MAD is followed by a significant increase in announcement abnormal returns, which is more pronounced in initial repurchase programs. Our results remain robust to a series of robustness tests. We attribute our findings to cross-country differences in institutional framework and pre-MAD existing national laws. Collectively, our results support the notion that EU directives do not have a uniform effect across Member States. Thus, the impact of such reforms should also be examined in individual capital market studies.

摘要

本文重新审视了欧盟市场滥用指令（MAD）对股票回购公告的市场反应的影响。我们使用了雅典证券交易所上市公司的独特手工收集数据集，并发现了与之前针对欧洲大型经济体的结论形成鲜明对比的证据。MAD实施后，公告超额收益大幅增加，这在首次回购计划中表现得更为明显。我们的结果对于一系列稳健性测试仍然稳健。我们将我们的发现归因于制度框架和 MAD 之前现有国家法律的跨国差异。总的来说，我们的结果支持这样的观点：欧盟指令在成员国之间没有统一的效果。因此，此类改革的影响也应在个别资本市场研究中进行检验。