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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.
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INSEAD Case Europe Campus
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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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