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Year of publication
Subject
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Aktienrückkauf 1,172 Share repurchase 1,141 USA 475 United States 471 Theorie 418 Theory 414 Börsenkurs 343 Share price 338 Ankündigungseffekt 309 Announcement effect 307 Dividende 243 Dividend 235 Capital income 100 Kapitaleinkommen 100 Deutschland 85 Gewinnverwendung 84 Profit appropriation 81 Germany 80 Payout policy 78 Führungskräfte 77 Managers 77 Ausschüttungspolitik 76 Signalling 76 Corporate Governance 74 Corporate governance 74 Aktienoption 67 Stock option 66 Takeover 60 Übernahme 60 Share repurchases 58 Eigentümerstruktur 53 Ownership structure 53 Capital structure 49 Kapitalstruktur 48 Aktionäre 45 Schätzung 45 Estimation 44 Shareholders 43 Börsengang 42 Dividends 42
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Online availability
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Free 354 Undetermined 217
Type of publication
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Article 689 Book / Working Paper 483
Type of publication (narrower categories)
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Article in journal 653 Aufsatz in Zeitschrift 653 Graue Literatur 175 Non-commercial literature 175 Working Paper 173 Arbeitspapier 159 Hochschulschrift 42 Thesis 37 Aufsatz im Buch 34 Book section 34 Collection of articles of several authors 10 Sammelwerk 10 Collection of articles written by one author 8 Sammlung 8 Aufsatzsammlung 3 Commentary 3 Conference paper 3 Kommentar 3 Konferenzbeitrag 3 Handbook 2 Handbuch 2 Mehrbändiges Werk 2 Multi-volume publication 2 Reprint 2 Abstract 1 Article 1 Bibliografie 1 Bibliografie enthalten 1 Bibliography included 1 Festschrift 1 Interview 1 Nachschlagewerk 1 Reference book 1 Systematic review 1 Übersichtsarbeit 1
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Language
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English 1,048 German 112 French 6 Undetermined 3 Dutch 2 Polish 1
Author
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Vermaelen, Theo 37 Evgeniou, Theodoros 18 Michaely, Roni 14 Ikenberry, David 12 Oded, Jacob 12 Nippel, Peter 11 Nekat, Kai 10 Obernberger, Stefan 10 Kahle, Kathleen M. 9 Lakonishok, Josef 9 Podlech, Nils 9 Skinner, Douglas J. 9 Stulz, René M. 9 Bonaime, Alice A. 8 De Cesari, Amedeo 8 Fried, Jesse M. 8 Martin, Antoine 8 Renneboog, Luc 8 Skeie, David 8 Andriosopoulos, Dimitris 7 Baker, H. Kent 7 Lie, Erik 7 Lindhe, Tobias 7 Thadden, Ernst-Ludwig von 7 Andres, Christian 6 Bargeron, Leonce 6 Chen, Sheng-syan 6 Doumet, Markus 6 Espenlaub, Susanne 6 Evans, John P. 6 Isakov, Dušan 6 Jacob, Martin 6 Khurshed, Arif 6 Nassuphis, Nick 6 Simkovic, Michael 6 Södersten, Jan 6 Theissen, Erik 6 Wang, Zexi 6 Busch, Pascal 5 Chan, Konan 5
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Institution
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National Bureau of Economic Research 8 Centre for Analytical Finance <Århus> 2 Centre of Financial Studies 2 Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft (ZBW) 2 Alfred-Weber-Institut für Sozial- und Staatswissenschaften <Heidelberg> 1 Alfred-Weber-Institut für Wirtschaftswissenschaften, Fakultät für Wirtschafts- und Sozialwissenschaften 1 Deutsches Aktieninstitut 1 Dhanāgār-Heeṅ-P̱raḥdeś-Daiy / Market Research and Development Team 1 Federal Reserve Bank of New York 1 Friedrich-Schiller-Universität Jena 1 Institute of Chartered Accountants of Scotland 1 PriceWaterhouseCoopers <London> 1 RWTH Aachen 1 Schmalenbach-Gesellschaft - Deutsche Gesellschaft für Betriebswirtschaft / Arbeitskreis Externe Unternehmensrechnung 1 Sonderforschungsbereich Quantifikation und Simulation Ökonomischer Prozesse 1 Svenska Handelshögskolan <Helsinki> 1 The Wharton Financial Institutions Center 1 Universiteit Antwerpen / Faculteit Toegepaste Economische Wetenschappen 1 University of British Columbia / Finance Division 1 Universität Mannheim 1 Universität zu Köln 1 Université de Neuchâtel / Division économique et sociale 1 arqus - Arbeitskreis Quantitative Steuerlehre 1 epubli GmbH 1
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Published in...
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Journal of financial economics 34 The journal of corporate finance : contracting, governance and organization 33 Journal of banking & finance 26 Review of quantitative finance and accounting 20 Journal of financial and quantitative analysis : JFQA 19 Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 14 The journal of finance : the journal of the American Finance Association 14 Faculty & research / Insead : working paper series 13 The review of financial studies 13 Working paper / National Bureau of Economic Research, Inc. 13 International review of financial analysis 10 Review of Pacific Basin financial markets and policies 10 The journal of business : B 10 Managerial finance 9 Financial management 8 International review of economics & finance : IREF 8 Management science : journal of the Institute for Operations Research and the Management Sciences 8 NBER working paper series 8 The quarterly review of economics and finance : journal of the Midwest Economics Association ; journal of the Midwest Finance Association 8 Finance and economics discussion series 7 Journal of accounting & economics 7 The European journal of finance 7 The North American journal of economics and finance : a journal of financial economics studies 7 Emerging markets finance & trade : a journal of the Society for the Study of Emerging Markets 6 Fisher College of Business working paper series 6 Journal of economics and finance 6 Journal of international financial markets, institutions & money 6 Pacific-Basin finance journal 6 Staff reports / Federal Reserve Bank of New York 6 The financial review : the official publication of the Eastern Finance Association 6 Discussion paper / Center for Economic Research, Tilburg University 5 Global business review 5 International review of finance 5 Journal of applied corporate finance : JACF 5 Research in international business and finance 5 Review of finance : journal of the European Finance Association 5 The accounting review : a publication of the American Accounting Association 5 The journal of applied business research 5 The journal of financial research 5 Abacus : a journal of accounting, finance and business studies 4
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Source
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ECONIS (ZBW) 1,146 EconStor 16 RePEc 5 BASE 2 USB Cologne (business full texts) 1 OLC EcoSci 1 USB Cologne (EcoSocSci) 1
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Showing 1 - 50 of 1,172
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The long-term consequences of short-term incentives
Edmans, Alex; Fang, Vivian W.; Huang, Allen H. - In: Journal of accounting research 60 (2022) 3, pp. 1007-1046
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What drives repo haircuts? : evidence from the UK market
Julliard, Christian; Pinter, Gabor; Todorov, Karamfil; … - 2022
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The Corporate Calendar and the Timing of Share Repurchases and Equity Compensation
Dittmann, Ingolf; Li, Amy Yazhu; Obernberger, Stefan; … - 2022
This study examines whether the CEO uses share repurchases to sell her equity grants at inflated stock prices, a concern regularly voiced in politics and media. We find that the timing of buyback programs and equity compensation, i.e., the granting, vesting, and selling of equity, is largely...
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Share Repurchases
Bonaime, Alice A.; Kahle, Kathleen M. - 2022
As corporate payouts to shareholders reach record high levels and garner the attention of policymakers, understanding their causes and consequences is more important than ever. This chapter surveys the academic literature on repurchases, with a particular emphasis on research undertaken in the...
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Countercyclical Debt Repurchases : Why Do Firms Buy Back Their Debt?
Xu, Hui; Huang, Henry Hongren; Cheng, Tzu-Chang Forrest - 2022
Firms have trouble issuing new bonds during financial market meltdowns. However, an intriguing yet often overlooked fact is that many firms also engage in debt buybacks at the same time. In this paper, we build a dynamic model to study the incentives for equity holders to buy back the debt. The...
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The corporate calendar and the timing of share repurchases and equity compensation
Dittmann, Ingolf; Li, Amy Yazhu; Obernberger, Stefan - 2022
This study examines whether the CEO uses share repurchases to sell her equity grants at inflated stock prices, a concern regularly voiced in politics and media. We find that the timing of buyback programs and equity compensation, i.e., the granting, vesting, and selling of equity, is largely...
Persistent link: https://ebtypo.dmz1.zbw/10013175592
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What drives repo haircuts? : evidence from the UK market
Julliard, Christian; Pintér, Gábor; Todorov, Karamfil; … - 2022
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Do French Companies Cater to Share Buyback and Dividend Demand?
RHARBI, Mohammed Amine; Aubert, Nicolas S.; Ben Larbi, Sami - 2022
The paper aims to determine whether French companies respond to investor demand and preference in terms of share repurchases and dividend payments. The study is based on data from the Thomson Reuters Eikon database and focuses on French companies listed on the CAC All-Tradable index from 2000 to...
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The Corporate Calendar and the Timing of Share Repurchases and Equity Compensation
Dittmann, Ingolf; Li, Amy Yazhu; Obernberger, Stefan; … - 2022
This study examines whether the CEO uses share repurchases to sell her equity grants at inflated stock prices, a concern regularly voiced in politics and media. We find that the timing of buyback programs and equity compensation, i.e., the granting, vesting, and selling of equity, is largely...
Persistent link: https://ebtypo.dmz1.zbw/10013290227
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Herd to Repurchase
Bao, Zhengyang; Huang, Difang; Li, Dongxu - 2022
Why do listed firms herd to repurchase shares? Analyzing complete repurchase records from the Chinese stock market from 2005 to 2021, we discover that firms aiming to boost stock prices through repurchasing shares drive the tendency for peers to also make repurchasing announcements. The positive...
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Share Repurchases and Board Independence
Grosman, Anna; Amore, Mario Daniele - 2021
Share repurchases have come under criticism as they may be used for earnings management and take capital away from productive investment. However, share repurchases can also reduce the agency costs of free cash flow and offset the dilution of current shareholders. Whether firms engage in good or...
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Share Repurchases and Board Independence
Grosman, Anna; Amore, Mario Daniele - 2021
Share repurchases have come under criticism as they may be used for earnings management and take capital away from productive investment. However, share repurchases can also reduce the agency costs of free cash flow and offset the dilution of current shareholders. Whether firms engage in good or...
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Impact of Buyback Announcements on Stock Market in India
Basha.V, Prof. Jeelan - 2021
Buyback of shares was considered as a good beginning for introducing flexibility in the capital structure. In 1999, the Securities and Exchange Board of India issued guidelines on buyback of shares that are to be followed by the listed companies. Buybacks can be regarded as the late 20th century...
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Are Stock Buybacks Crowding Out Real Investment? Empirical Evidence from U.S. Firms
Turco, Enrico Maria - 2021
We investigate the role of financialization in the decline of investment for U.S. non-financial firms from 1992 - 2017. We show that the tendency to maximize shareholder value, fuelled by stock-based manager compensation, has led U.S. firms to divert resources from real investment to share...
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Share Repurchases, Risk, and Underpricing
Valta, Philip; Jakob, Sascha - 2021
This paper analyzes changes in firms' cash flows and discount rates around share repurchase announcements. Both cash flow and discount rate volatility decrease significantly after repurchase announcements. The decrease in volatility is smallest for firms that are likely to be underpriced and...
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Do Share Repurchases Facilitate Movement Towards Target Capital Structure? International Evidence
Wang, Zigan; Yin, Qie Ellie; Yu, Luping - 2021
We use a new international setting to test and strengthen the identification of “target leverage hypothesis” in the payout policy literature. We conduct a quasi-natural experiment induced by staggered share repurchase legalization in 17 economies and analyze its influences on leverage...
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Complementarity or Substitution : Time-Variant Implications of Dividends and Stock Repurchases – An Explorative Study
Homburg, Carsten; Schick, Roman - 2021
Prior studies associate dividends with permanent earnings signals and stock repurchases with transitory earnings signals. In contrast, we provide empirical evidence that in recent decades, dividends and stock repurchases have converged to each other in terms of their signaling for future...
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Identifying economic shocks with stock repurchase programs
Hamouda, Foued - In: Cogent economics & finance 9 (2021) 1, pp. 1-15
This paper aims to identify economic shocks in four developed countries that authorize different buyback programs. Previous research has revealed that there are few public debates about buyback activities and economic conditions. According to the free cash flow hypothesis, the total payout...
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Keeping up with the Joneses and the real effects of S&P 500 inclusion
Bennett, Benjamin; Stulz, René M.; Wang, Zexi - 2021
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Managerial trustworthiness and buybacks
Huang, Sterling; Snellman, Kaisa; Vermaelen, Theo - 2021
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Outlasting the pandemic : corporate payout and financing decisions during COVID-19
Pettenuzzo, Davide; Sabbatucci, Riccardo; Timmermann, Allan - 2021
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Corporate transactions in hard-to-value stocks
Ben-David, Itzhak; Kim, Byungwook; Moussawi, Hala; … - 2021
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Does promoter holding affect financed payout of dividends?
Jawade, Avinash A. - In: Borsa Istanbul Review 21 (2021) 4, pp. 332-339
Firms avail themselves of external finance to manage obligations to pay dividends, along with other commitments. Indian firms, which have significant ownership concentration, present a unique opportunity for analyzing the influence of promoter holding on financed dividend payouts. This study...
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Repurchase options in the market for lemons
Bigio, Saki; Shi, Liyan - 2021
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Determinants of share repurchases : a quantile regression approach
Chasiotis, Ioannis; Georgantopoulos, Andreas G.; … - In: Economics and Business Letters : EBL 10 (2021) 1, pp. 27-36
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A minimum buyback requirement in open market repurchases : impact on the signalling role
Srivastava, Pranjal; Jacob, Joshy; Pandey, Ajay - 2021
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Firm Expansion and CEO Pay
Bebchuk, Lucian A.; Grinstein, Yaniv - 2021
We study the extent to which decisions to expand firm size are associated with increases in subsequent CEO compensation. Controlling for past stock performance, we find a positive correlation between CEO compensation and the CEO's past decisions to increase firm size. This correlation is...
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It’s just a matter of time : Abnormal returns after firms stop repurchasing shares
Clarke, Nicholas - 2021
This paper uses a novel method to assess the timing of corporate share repurchases by examiningabnormal returns after firms stop repurchasing shares. This method reveals several new findings.First, repurchasing firms only experience positive abnormal returns after they stop repurchasingshares....
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Depositing Corporate Payout
Lin, Leming - 2021
The past two decades have witnessed a sharp surge in corporate equity payout. The annual net equity payout of non-financial public companies in the U.S. averaged $525 billion (in 2010 dollars) per year from 2004 to 2019, compared to only $141 billion during the prior 17-year period. Using...
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Dividend Taxation, Share Repurchases and the Equity Trap
Lindhe, Tobias; Södersten, Jan Edvin - 2021
This paper reconsiders the effects of dividend taxation. Particular attention is paid to the form of the "equity trap", that is, the extent to which cash paid to the shareholders must be taxed as dividends. Our analysis shows that Sinn's (1991) criticism of the well-known King and Fullerton...
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The Influence of Undervaluation, Free Cash Flow, Leverage and Dispersion of Ownerships Toward Company’s Stock Repurchase (an Empirical Study of Indonesia Stock Exchange Public List...
Bahri, Cholifah; S. E., Mahsina; Poniwati, Asmie - 2021
The objective of this research is to study the influence of undervaluation, free cash flow, leverage and dispersion of ownerships toward company’s stock repurchase (An empirical study of Indonesia stock exchange public listed companies). Many researchers have shown that the Stock repurchase is...
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Determinants of payout choice between open market repurchase, tender offer repurchase and special dividends
Varma, Urvashi; Raveesh K; Munjal, Alka - In: Cogent economics & finance 9 (2021) 1, pp. 1-19
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...
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Share Repurchases, Undervaluation, and Corporate Social Responsibility
Bobenhausen, Nils; Knetsch, Andreas; Salzmann, Astrid … - 2021
Share repurchases have experienced growing popularity in recent years. The wealth transfer between shareholders associated with share repurchases has however been widely neglected in the literature, yet. Since managers are free to time repurchases so that ongoing shareholders profit at the...
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Determinants of Share Repurchases A Quantile Regression Approach
Chasiotis, Ioannis; Georgantopoulos, Andreas G.; … - 2021
This study utilizes quantile regressions to investigate the effect of the determinants of share repurchases on firms at different points of the share repurchases distribution. Empirical results from a large panel of NYSE repurchasing firms, document an asymmetric effect of several determinants...
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Do Managers Use Reference Points? Evidence from Stock Repurchases
Clarke, Nicholas; Norris, Dylan; Schrowang, Andrew - 2021
This study adds to a growing literature on managerial reference points by examining whether prior repurchase prices are reference points for current repurchase decisions. We find that the percent change from the prior repurchase price to the current stock price is negatively related to the...
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Stock Repurchasing Bias of Mutual Funds
Du, Mengqiao; Niessen-Ruenzi, Alexandra; Odean, Terrance - 2021
We show that mutual fund managers' trading experiences bias their future repurchasing decisions. Specifically, a fund is 17% more likely to repurchase a stock when it previously sold the stock for a gain rather than for a loss. Fund managers still prefer to repurchase stocks they sold for a gain...
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The Persistence of Share Repurchases, Financing, and Firm Maturity
El Ghoul, Sadok; Guedhami, Omrane; Kim, Hyunseok; Suh, … - 2021
Share repurchases have become persistent. Firms use cash flow as the primary source of capital to finance repeated share repurchases. This internal financing increases (decreases) retained earnings (paid-in-capital) in the capital structure and weakens the sensitivity of investment to cash flow....
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Short-termism, shareholder payouts, and investment in the EU
Fried, Jesse M.; Wang, Charles C. Y. - 2020
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The Social Costs of Dividends and Share Repurchases
Heaton, J.B. - 2020
A long-held view in the academy is that shareholders are "residual claimants" in the sense that shareholders are paid in full only after the corporation pays its creditors. The reality on the ground is far different. Corporations give assets away to their shareholders long before they have...
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Managerial Trustworthiness and Buybacks
Huang, Sterling - 2020
CEO trustworthiness is positively related to long-term excess returns after buyback announcements. When the CEO is trustworthy, statements that the stock is undervalued are more credible. CEO trustworthiness is initially measured by the extent to which people in the county where the company...
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Irrevocable Commitments and Tender Offer Outcomes
Fyrqvist, Tomi - 2020
Irrevocable commitments (ICs) are undertakings by target-firm blockholders to accept an upcoming takeover bid before its announcement. Using a novel manually-collected dataset, we develop three new hypotheses and explore one existing hypothesis to explain the use of ICs: (1) trade-off between...
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Employment Protection and Share Repurchases : Evidence from Wrongful Discharge Laws
Dang, Viet Anh - 2020
We use the staggered adoption of Wrongful Discharge Laws (WDLs) by U.S. state courts as a quasi-natural experiment to examine the causal impact of firing costs and employment protection on corporate payouts. We find that the greater employment protection imposed by WDLs leads to higher share...
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Cross-sectional variation in repurchase motives : evidence from repurchase frequency
Nemani, Alok - 2020
I demonstrate that firms' repurchase frequency predicts repurchase motives and helps separate firms that repurchase for signaling from firms that repurchase to control dilution. Infrequent repurchasers follow a flexible buyback policy and respond to changes in earnings in a timelier manner....
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EU regulation and open market share repurchases : New evidence
Drousia, Angeliki - 2020
This paper re-examines the impact of the EU Market Abuse Directive (MAD) on the market reaction around share repurchase announcements. We use a unique hand-collected dataset of firms listed on the Athens Stock Exchange, and we find evidence that contrasts with previous conclusions for large...
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Share Buybacks, Monetary Policy and the Cost of Debt
Elgouacem, Assia - 2020
Share buybacks have become common practice across U.S corporations. This paper shows that firms finance these operations mostly through newly issued corporate bonds, and that the exogenous variation in the cost of debt – due to innovations in monetary policy – is key in explaining managers'...
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Strategic Repurchases and Equity Sales : Evidence from Equity Vesting Schedules
Moore, David - 2020
This paper studies the strategic use and timing of share repurchases by insiders for personal gain. Using grant level compensation data and a hand-collected sample of monthly repurchases, I find a positive causal relation between CEO equity sales and share repurchases. I identify the relation...
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Are Earnings Predictable? Evidence from Equity Issues and Buyback Announcements
Amini, Shahram - 2020
We find that earnings announcements that follow equity issues and buyback announcements have predictable market reactions. Four-factor abnormal returns to earnings following buyback announcements are higher by 5.1% than similar returns to earnings following equity issues over the (-1,+30)...
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The Effect of FASB Statement No. 123R on Stock Repurchases : An Empirical Examination of Management Incentives
Hegemann, Steve - 2020
This study examines management's response to the change in accounting for stock option-based compensation imposed by SFAS No. 123R, whose implementation is expected to reduce reported income. To cope with this impact, management may be motivated to decrease the use of stock options as part of...
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Voluntary Disclosures Regarding Open Market Repurchase Programs
Bargeron, Leonce - 2020
This paper examines firms' voluntary disclosures regarding open market repurchase programs, i.e., announcements that firms have suspended, resumed, or completed repurchases. Abnormal returns around announcements are, on average, positive when firms voluntarily announce repurchase resumptions or...
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Share Repurchase : Does it Increase the Informativeness of Market Prices?
de La Bruslerie, Hubert - 2020
Share repurchases are transactions which are supposed to cause a market reaction through a signaling approach. However looking only at cumulated abnormal returns (CARs) is insufficient and the results are sometimes contradictory. We introduce the concept of informativeness to assess if...
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