This paper examines the stock performance around initiation announcements of open market share repurchase programs, the price impact of repurchase trading and the long-run abnormal stock performance following the initiation announcements in a European regulatory framework. The study uses a unique dataset on initiation announcements and actual repurchases conducted by firms listed on the Stockholm Stock Exchange during the period 2000-2009. The results show that initiation announcements of open market repurchase programs exhibit a two-day abnormal return of approximately 2%. The price impact on the actual repurchase days is positively correlated with the daily repurchase volume, and is both statistically and economically significant during the first 3 repurchase days in a repurchase program. The long-run abnormal stock performance is positively associated with the fraction of shares bought in the program and is approximately 7% the first year following the initiation announcement. The results indicate that repurchase trading provides price support and that the market participants detect and perceive the initiation announcement and the first repurchase days in a repurchase program as a signal of undervaluation. / <p>QC 20130515</p>

We examine differences in market performance of Swedish firms that initiate repurchase programs infrequently (1-2 programs), occasionally (3-4 programs) and frequently (5 or more programs) over the period 2000-2009, and examine the relationship between abnormal return and repurchase size in repurchase months. We find that infrequent repurchase programs are greeted with a stronger positive reaction than occasional and frequent programs. However, over long term, infrequent repurchase programs show no abnormal return while occasional and frequent repurchase programs show a significant positive abnormal return. A positive relationship between abnormal return and repurchase size in repurchase months is documented on average for all types of repurchase programs. / <p>QC 20130515</p>

We examine the market liquidity impact of open market share repurchases in a computerized order driven market. Using a detailed dataset of daily repurchase transactions on the Stockholm Stock Exchange together with intraday data on bid-ask spreads and order depths enable us to examine liquidity effects on the actual repurchase days. Overall, we find that repurchase trades inside the order driven trading system contributes to market liquidity through narrower bid-ask spreads and deeper market depths. After controlling for total trading volume, price, and volatility we still find a significant decrease of the bid-ask spread on repurchase days relative to surrounding non-repurchase days. However, repurchases executed as block trades outside the order driven trading system have a detrimental effect on the bid-ask spread, consistent with a negative response to the presence of informed managerial trading. / <p>QC 20130515</p>

Share repurchases in Sweden has since legalization in 2000 gained momentum. Similar to other corporate events, there are studies that examine whether this affects the share price performance. With studies in the U.S. that measured excess returns of approximately 3,5 percent on the announcement day; Swedish buybacks, holding a tighter regulation is of interest to study. The Stockholm Stock Exchange regulation regarding reporting is also similar to the Stock Exchange in Hong Kong. Unlike most previous research using only the announcement of a buyback, where an actual repurchase cannot be assured, the stock exchanges in this study requires disclosure on a daily basis, which means that the announcement can be linked to an actual share repurchase. The study aims to examine how the stock markets in Stockholm and Hong Kong react to share repurchases. Thereby judge whether the notice gives a negative or positive effect. The problem formulation takes the following approach: Is there abnormal returns at the announcement of share repurchases in the Stockholm stock exchange and the Hong Kong stock exchange.  The following sub questions will further be explored: Are there differences between the size of the abnormal return and industry? Is there a correlation between the abnormal returns and corporate market-to-book value? The survey is conducted through an event study, measuring abnormal return during a window of ten days prior to the announcement day and ten days after. Repurchases are studied during the period 2000-03-10 until 2011-04-10 in order to cover the entire period since legalization in Sweden. The sectors used are: industrials, financials, consumer discretionaries and information technology. Furthermore a regression analysis consisting of the variables market-to-book, divided into low and high values, and abnormal return is constructed. Through a theoretical synthesis, consisting of previous research, signaling hypotheses, the efficient market hypothesis and agency theory, the empirical data is analyzed. The conducted study shows low positive abnormal returns (AAR) for both Stockholm and Hong Kong at 0,37 percent and 0,38 percent for the announcement day respectively with a certain significance days before the announcement. Small differences exist between sectors, with financials showing highest abnormal return and consumer discretionaries the lowest in the two markets. There is furthermore a significant value between high market-to-book values and negative abnormal returns.

For companies, the cost of acquiring a new customer is several times the cost of retaining an existing customer. Furthermore, the purchasing power of an existing customer is usually more predominant than a new one. Therefore, more and more companies attempt to establish long-term relationships with customers in order to make them patronize again or do other useful behaviors. The concept of consumer-company identification (C-C identification) has been used to qualify the deep, meaningful, and long-term relationships between consumers and companies. This research analyzes the antecedents and consequences of C-C identification. We suggest that high identity distinctiveness and identity prestige may lead to high C-C identification. Also, high C-C identification should enhance consumers¡¦ repurchase intention and word-of-mouth (WOM). Our survey with questionnaire conducted to investigate and collect data is sent to the consumers who have shopping experience recently in department stores of Taiwan. The valid sample with questionnaire returned is 294. We analyze the results by using structural equation modeling (SEM) and find that identity distinctiveness and identity prestige have a positive relationship with C-C identification separately. Moreover, C-C identification also has a positive effect to repurchase intention and WOM. Eventually, the managerial implications of this study may help corporate managers to ponder their marketing strategies or even improve their firms¡¦ performance.

Abstract With the trend of liberalization in the domestic financial market in recent years, domestic banking, which operates conservatively all the time, encounters structural changes plus establishment of new banks, tremendous growth of direct finance, spread shortness of traditional deposit business and additional competition with non-bank organizations. Domestic banking has difficulty in making profits little by little and bank organizations adjust their operating strategy to response to these changes of new financial situation. Under the circumstances of decreasing spread of traditional deposit, fee income is regarded as another crucial source of banks¡¦ profits. Therefore, fortune management business becomes an objective that domestic banks and foreign banks strive for; thus, finance management service for banks¡¦ VIP becomes a significant part of banks¡¦ ¡§Fortune Management.¡¨ The objective of the thesis lies in discussing the research in operating strategy of fortune management business of banking. By means of understanding customers¡¦ opinions about service quality of fortune management business, customer satisfaction, trust, promise, e-commerce service and customer relationship management, and repurchase intention, adopt questionnaires issued to customers of banks which offer fortune management service in Kaohsiung City as information sources for empirical research. Then, compile statistics to gain information relevant to the research and propose the conclusion and suggestion. The thesis is expected to be beneficial for existing banks that offer fortune management service and prospective banking intends to add this service in drafting operating strategy, and make contribution to competent authorities of the government and savants related to the research.

Abstracts This survey is done, based on the medium-large sized insurance company, Kuo-Hwa Life Insurance Company. It is focused on the interactions of its marketing, service quality, insurer¡¦s expected service, perceived service, perceived service quality, customer satisfaction, loyalty, persistency, repurchase and recommendation, in order for the company to evaluate and establish guidelines of the marketing st-rategy. Those who were questionnaired are the insurers over 18-years-old in the metropolitan areas of Tainan. The personnel of Customer Service within the company have distributed 800 questionnaires. Among these, 586 questionnaires were returned with 20 of them void, making it 566 valid. EXCEL, SPSS statistics software were applied to analyze the insured age, marital status, education, annual income and occupation, to better understand tleir perceived service quality, satisfaction, loyalty, persistency and the intention of repurchase of other products from Kuo-Hwa Life Insurance. The research has resulted in: Positive reflection between Perceived Service versus Perceived Service Quality; Positive reflection between Expected Service versus Perceived Service Quality; Positive reflection between Perceived Service versus Satisfaction; Positive reflection between Perceived Service Quality versus Satisfaction; Positive reflection between Expected Service versus Satisfaction; Positive reflection between Satisfaction versus Persistency and Repurchase of Other Insurance Products; Positive reflection between Customer Satisfaction versus recommendation.

<p>Bakgrund: Den 10 mars 2000 blev Sverige ett av de sista västländerna att tillåta noterade bolag att återköpa egna aktier. Intresset för denna nya möjlighet har varit stort bland svenska börsbolag och fram till idag har ett femtiotal bolag återköpt egna till ett värde av åtskilliga miljarder. </p><p>Syfte: Syftet med uppsatsen är att studera hur ett bolags återköp av egna aktier påverkar aktiekursen. </p><p>Genomförande: Vi har studerat litteratur och artiklar om ämnet återköp. Vi har undersökt 48 företags återköp och dess kursutveckling en månad efter avslutat återköp. En jämförelse har gjorts med respektive företags branschindex. Därutöver har vi även undersökt om det går att se någon mer långsiktig effekt från starten av respektive återköpsprogram till det att de avslutades i varje företag. </p><p>Resultat: I knappt hälften av de undersökta bolagen fann vi att återköpen haft en positiv effekt på aktiekursen.</p>

We reexamine the stock price drifts following open-market stock repurchase announcements by differentiating actual repurchases from repurchase announcements and by controlling for the repurchasing firms' earnings improvement in the announcement year relative to the prior year. Our results show that only firms that actually repurchase their shares exhibit a positive post-announcement drift. More importantly, we find that these repurchasing firms have the same post-announcement drift as their matching firms that have similar size and earnings performance but do not repurchase. Further analysis indicates that the post-repurchase announcement drift is not a distinct anomaly but the well-documented post-earnings announcement drift in disguise. In addition, previous studies suggest that the market perceives IPOs as bad news (i.e., competitive threats) to existing firms in the same industry. At the same time, the market has a tendency to be overly optimistic about IPO prospects, especially during hot IPO markets. Thus, the negative industry rival reaction could be the result of investors' over-optimism toward the IPOs' growth prospects and underestimation of the competitive positions of industry rivals. Our findings show that rival firms use repurchases as a means to signal their firm quality, as well as to correct the market's overreaction to the bad news. These IPO-induced repurchases are stronger when the rival firms are in a concentrated industry and experienced poor stock performance in the previous year.

Today, in a world of consumption where almost everything is branded, every consumer has a brand that they love, a so called lovemarks. Nowadays, it takes more than just a commercial to make consumers stay committed to a brand. Consumers need to relate on a more personal level. There lies a deep rooted love, consistent over long periods of time, making the luxury brand consumer’s one the most loyal consumers in the world. Consequently, it is the consumers that decide what a lovemarks is, and why they go back to repurchasing that brand again, a kind of on-going romance between consumer-brand.   The purpose of this dissertation is to explore why consumers develop emotional attachment and loyalty towards brands, leading to a long-lasting, devoted relationship between the consumer and the brand. The aim is to find out elements that are needed to love a brand consistently. The outcome of this study will provide a better look into the consumer’s attitude towards lovemark brands.   A qualitative study has been performed on consumer attitudes towards their lovemarks brand, and the language they use when describing their motive to stay loyal to their brand of preference. Furthermore, the view of what elements are needed for them develop emotional attachment towards that brand is explored.   The conclusion of this dissertation is that in order for consumers to develop loyalty and emotional attachment to brands, they need the elements of emotion, quality, trust, image, timeless fashion, and tradition. These elements combined, make the ultimate consumer that many brands want to have.