Investor protection, share repurchases, irrationality and agency conflicts: The implications for corporate governance
نویسندگان
چکیده
منابع مشابه
Payout policy, agency conflicts, and corporate governance
We examine the effect of corporate governance on the use of dividends and repurchases, composition of payout, and inclusion of a pre-commitment feature in the payout policy. We find that dividend payout is decreasing in governance quality. Corporate governance has a mixed effect on repurchases: good external governance prompts managers to repurchase more and to use repurchases as the only form ...
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Recent research studying the link between law and finance has concentrated on country-level investor protection measures and focused on differences in legal systems across countries and legal families. We use recent data on firm-level corporate governance rankings across 14 emerging markets and find that there is wide variation in firm-level governance across countries in our sample and that th...
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This paper examines open market share repurchases in Canada (called Normal Course Issuer Bids—NCIB). Similar to announcements of U.S. open market share repurchases, announcements of Canadian NCIBs are accompanied by a positive stock price reaction. If NCIBs signal information, then it is not in the same manner as U.S. repurchases. Canadian firms usually announce the legal maximum proportion of ...
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We investigate the timing of open market share repurchases and the resultant impact on firm liquidity. Using Hong Kong’s unique disclosure environment, we identify the exact implementation dates for over 5,000 equity buybacks. We find that managers exhibit substantial timing ability. Consistent with the information-asymmetry hypothesis, bid-ask spreads widen and depths narrow during repurchase ...
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ژورنال
عنوان ژورنال: Corporate Ownership and Control
سال: 2006
ISSN: 1810-3057,1727-9232
DOI: 10.22495/cocv4i1c2p1