Investor Heterogeneity, Investor-Management Disagreement, and Share Repurchases
نویسندگان
چکیده
منابع مشابه
Institutional and individual investor preferences for dividends and share repurchases
This study shows that individual investors prefer to invest in high dividend yield stocks and in dividendpaying firms whereas relatively lower-taxed institutional investors tend to prefer low dividend yield stocks and non-paying firms. Consistent with Brennan and Thakor’s [Brennan, M. J., & A. V. Thakor. (1990). Shareholder preferences and dividend policy. Journal of Finance, 45, 993–1018] adve...
متن کاملConvertible Securities and Heterogeneity of Investor Beliefs
We argue that convertible securities can better attract investors with different beliefs on the firm’s future cash flows compared to straight bond and stock. We find that a firm is more likely to issue convertibles rather than stock and straight bond when investors are more heterogeneous in their beliefs. We also find that the positive impact of heterogeneous beliefs on the likelihood of a conv...
متن کاملInvestor Sentiment, Disagreement and Return Predictability of Ownership Breadth
We extend theories and empirics in Chen, Hong and Stein (2002) by allowing investors subject to market sentiment to hold a biased belief in aggregate. With a dynamic multiple-asset model, we show that the ownership breadth-return relationship can be either positive or negative depending on the relative strength of two offsetting forces: (1) variation in disagreement and (2) variation in sentime...
متن کاملInvestor Sentiment, Disagreement and Return Predictability of Ownership Breadth
We extend theories and empirics in Chen, Hong,and Stein (2002) by allowing investors subject to market sentiment to hold a biased belief in aggregate. With a dynamic multiple-asset model, we show that the ownership breadth-return relationship can be either positive or negative depending on the relative strength of two offsetting forces: (1) variation in disagreement and (2) variation in sentime...
متن کاملInvestor Sentiment, Accruals Anomaly, and Accruals Management
This study examines the effect of investor sentiment on the accruals anomaly. We find that for small stocks mispricing per unit of accruals is greater in high sentiment periods as compared with low sentiment periods. This result is consistent with the notion that in high sentiment periods individual investors pay less attention toward understanding the accruals and cash flow components of earni...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2012
ISSN: 1556-5068
DOI: 10.2139/ssrn.2241735