The KBC buyback fund: beating the market with buybacks
Author: Vermaelen, Theo INSEAD Area: FinancePublisher: Fontainebleau : INSEAD, 2007.Language: EnglishDescription: 16 p.Type of document: INSEAD CaseNote: Latest version available via https://publishing.insead.eduAbstract: The case describes the launching of the KBC buyback fund, a mutual fund that aims to exploit the buyback anomaly first documented by Ikenberry, Lakonishok and Vermaelen (1995). The case summarizes the empirical results of the study which show positive long-term excess returns after open market buyback programmes. The case deals with the practical problems of setting up such an eventdriven fund: marketing, separating firms that repurchase stocks for good reasons from those that repurchase stock for other reasons, and how to diversify across event time.Pedagogical Objectives: To teach students about buyback anomalies and event-driven strategies.| Item type | Current location | Collection | Call number | Status | Date due | Barcode | Item holds |
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Europe Campus INSEAD Publications Display | Consultation only | BC008087 |
Latest version available via <a href=https://publishing.insead.edu>https://publishing.insead.edu</a>
To teach students about buyback anomalies and event-driven strategies.
The case describes the launching of the KBC buyback fund, a mutual fund that aims to exploit the buyback anomaly first documented by Ikenberry, Lakonishok and Vermaelen (1995). The case summarizes the empirical results of the study which show positive long-term excess returns after open market buyback programmes. The case deals with the practical problems of setting up such an eventdriven fund: marketing, separating firms that repurchase stocks for good reasons from those that repurchase stock for other reasons, and how to diversify across event time.
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