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Les rachats d actions régulent-ils le marché?

Henchiri, jamel E. (2004): Les rachats d actions régulent-ils le marché? Published in: Revue Africaine de Gestion No. 2 (2005)

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Abstract

This paper studies the repurchase of their own shares by companies quoted to the Tunis stock exchange. It examines, first of all, the peculiarities of this practice. It presents then the evolution of the Tunisian law in this domain with the passage of the ban to the permission under conditions. More third of the quoted corporations to the stock Market announced their decision to use this technique. This are essentially stocks of the first market and of weak capitalization. At last, this study analyzes the behavior of the Tunisian market facing these practices. It puts thus in evidence of positive cumulative abnormal returns after repurchase decision of mostly concerned firms. In any case studied, these return weaken with the time and confirming temporary effect of these operations.

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