الفهرس 
CHAPTER ONE: INTRODUCTIONOnly 14 pages are availabe for public view
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Abstract
This study examines the share price behavior surrounding share repurchase announcements made by 82 Egyptian firms from 2006 to 2014. Like US firms, repurchase announcements in Egypt are met with a positive and significant share price response. In addition, the study investigates the determinants of Egyptian firms for engaging in repurchase programs using Logit regression. Study’s findings support the undervaluation hypothesis, free cash flow and dividend payout substitution hypothesis as motives for announcing share repurchase programs, while reject the leverage hypothesis. Furthermore, the study investigates why some firms execute the repurchase program while others do not. The results support the significant effect of the firm’s investment opportunities on the repurchase execution decision. However, there are no evidences for the effect of the undervaluation hypothesis, distribution excess cash, and dividend hypotheses on the execution decision. Finally, using Tobit model, the determinants of the repurchase program completion ratios are investigated. In opposite to the researcher’s expectations, the findings indicate that announcement return and the firm’s size positively affect the completion ratio. While, the firm’s investment opportunities have negative effect on the completion ratio. As the firm would not be interesting to complete the repurchase program once it has other investment opportunities.