منابع مشابه
Share Repurchases and Employee Compensation
This paper focuses on the agency problem derived from the conict of interest between employees and shareholders. I show that if employees are compensated with restricted stock or stock options, shareholders may engage in opportunistic share repurchases. Equityholders have an incentive to buy back stock after employment contracts have been signed because repurchases increase compensation sensit...
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We show that repurchases have not only became an important form of payout for U.S. corporations, but also that firms finance their share repurchases with funds that otherwise would have been used to increase dividends. We find that young firms have a higher propensity to pay cash through repurchases than they did in the past and that repurchases have become the preferred form of initiating a ca...
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SEPTEMBER 2010 CATARACT & REFRACTIVE SURGERY TODAY EUROPE 25 A stigmatism is an optical defect that may lead to shadowing, loss of contrast sensitivity, distortion, blurred vision, and ghosting. There are two types of astigmatism, regular and irregular. Irregular astigmatism is often caused by a corneal scar or scattering in the crystalline lens. It is estimated that astigmatism of more than -0...
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JULY/AUGUST 2010 CATARACT & REFRACTIVE SURGERY TODAY EUROPE 15 H ydrophilic IOLs have many appealing characteristics, such as good optical clarity, good biocompatibility, a low incidence of dysphotopias, and good compressibility allowing implantation through small incisions. Many of these characteristics are due to the water content of hydrophilic lenses, which can vary from 18% to 30%. In cont...
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We study the choice of disclosure and share repurchase strategies of informed managers. Using a model that captures how direct disclosures and share repurchases differentially impact short and long-term stock value, we ask when will they choose disclosure, or repurchases, or both. We find that both direct disclosure and share repurchase policies emerge in equilibrium in different regions of fir...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2010
ISSN: 1556-5068
DOI: 10.2139/ssrn.1570813