Share reacquisitions, surplus cash, and agency problems
نویسندگان
چکیده
منابع مشابه
Foreign Cash: Taxes, Internal Capital Markets and Agency Problems
U.S. multinational corporations (MNCs) hold significant amounts of cash abroad. Using a handcollected sample of large U.S. MNCs, we find that the percentage of cash trapped overseas has a significantly negative impact on the market value of a firm’s cash holdings. Such negative effect is more pronounced when firms are subject to higher repatriation tax rate, when firms have higher costs of rais...
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This study investigates the excess funds hypothesis using samples of special dividends, regular dividend increases, and self-tender offers. All three types of firms tend to have funds in excess of industry norms before the events. The excess funds are largely nonrecurring for special dividend and self-tender offer firms and recurring for regular dividend increase firms. The analysis of the stoc...
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متن کاملAgency Costs, Free Cash Flow and It Expenditures
1.0 INTRODUCTION In the past few decades, U.S. businesses have made large investments in information technology (IT), without decisive evidence about the value of such investments [1]. A natural question that arises in this context is whether managers have wasted organizational resources through large investments in IT. In his well-known free cash flow hypothesis, Michael Jensen argues that man...
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ژورنال
عنوان ژورنال: Journal of Banking & Finance
سال: 2008
ISSN: 0378-4266
DOI: 10.1016/j.jbankfin.2007.05.010