This study shows that payout policy depends on the market expectation of the repurchase completion rate, within the context of the free cash flow hypothesis. Our model formulates that the amount of agency costs that are unlikely to be reduced discounts the share price at the announcement of...

This study shows that payout policy depends on the market expectation of the repurchase completion rate, within the context of the free cash flow hypothesis. Our model formulates that the amount of agency costs that are unlikely to be reduced discounts the share price at the announcement of...

This study employs the meta-SFA and panel data analysis to investigate the impact of identifiable intangibles (excluding goodwill) on the bank’s efficiency and efficiency convergence among 4 areas: the EU, US, JP, and CN. Our work focuses on 609 commercial banks from 2012 to 2021, which...