Share Repurchase: Does it Increase the Informativeness of Market Prices?
نویسندگان
چکیده
منابع مشابه
Does prior record matter in the wealth effect of open-market share repurchase announcements
Article history: Received 18 March 2009 Received in revised form 26 June 2009 Accepted 25 August 2009 Available online 4 November 2009 This study investigates whether prior experience of share repurchases matters in the market reactions to the subsequent repurchase announcements. Specifically, we study the prior record on actual buybacks and post-announcement stock performance. We find that upo...
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In many circumstances economic agents are partially ignorant about payoff-relevant state variables, but must nonetheless decide what action to take. To give just one example, investment decisions must often be made without full knowledge of the rate of return. In many such cases, agents can potentially obtain useful information by observing either the actions of other agents, or market prices. ...
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Contrary to the implications of many payout theories, we find that announcements of open-market share repurchase programs are not followed by an increase in operating performance. However, we find that repurchasing firms experience a significant reduction in systematic risk and cost of capital relative to non-repurchasing firms. Further, consistent with the free cash-flow hypothesis, we find th...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2014
ISSN: 1556-5068
DOI: 10.2139/ssrn.2376255