Bank payout policy is strongly affected by regulation and politics, especially for the largest banks. Banks, but not industrial firms, have consistently lower payouts in times of high regulation uncertainty and under democratic presidents. After the Global Financial Crisis, bank regulators'...

The paper aims to identify the variables contributing to special payouts considering open market repurchase, tender offer repurchases, and special dividends. A multinomial logit model has been used to investigate the choice of payout out of 754 payout announcements made between 2004 and 2017 in...

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...

There are numerous studies that demonstrate the tendency for rival firms to repurchase their stocks in response to the competitive threat of intra-industry initial public equity offerings (IPOs) and/or seasoned equity offerings (SEOs). However, these research works are characterized by empirical...

We study whether CEO narcissism affects a firm’s share repurchase announcements and their implementations. Using signature characteristics as a measure of narcissism, we find that US firms with narcissist CEOs are more likely to make repurchase announcements and announce higher repurchase...

We examine the association between family firms, free cash flow and the long-term performance following share repurchase announcements. We find that family firms have better performance than non-family firms. We also find that free cash flow is positively associated with performance, and the...

A rich literature argues that stock repurchases often serve as positive economic signals beneficial to investors. Yet due to their inherent flexibility, open market repurchase programs have long been criticized as weak signals lacking commitment. We evaluate whether some managers potentially use...