today, the internet is the significant tool of online shopping in all around the world. online transaction systems make shopper possible to make payment for services or products utilizing the internet. the current paper purpose is to focus on the elements that can affect online repurchase intentions. in the current paper we utilized survey questionnaire to gather 102 in malaysia from those that...

We examine the impact of share repurchases on the information content of stock prices using several measures of price efficiency. The study is based on manually collected data on share repurchases in the United States for the period 2004-2010. We find that share repurchases make prices more efficient. In particular, share repurchases increase the accuracy of the stock price after negative infor...

Many large U.S. bank holding companies (BHCs) continued to pay dividends during the recent financial crisis, even as financial market conditions deteriorated, large losses accumulated, and emergency capital and liquidity were being provided by the official sector. In contrast, share repurchases by these BHCs dropped sharply in the early part of the crisis. Documenting this divergent behavior is...

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 ...

We estimate the cross-sectional relationship between open market repurchases and accounting data for a large sample of dividend-paying and non-dividend-paying firms over a twelve year period (1984-95). Consistent with the hypothesis that firms use open market repurchases to reduce the agency costs of free cash flow, we find that repurchases are positively related to proxies for free cash flow a...

We theoretically and empirically explore the interaction between repurchases and insider trading as signaling devices about private information on firm valuation. Our theory predicts that repurchases, when coupled with insider buying, further the signal of firm undervaluation; insider selling signals the opposite. We find that for the following quarter, repurchases generate 1.2% abnormal return...

We employ a regression discontinuity design to identify the real effects of share repurchases on other firm outcomes. The probability of share repurchases that increase earnings per share (EPS) is sharply higher for firms that would have just missed the EPS forecast in the absence of the repurchase, when compared with firms that “just beat” the EPS forecast. We use this discontinuity to show th...

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...

This paper provides evidence that management in Japan uses share repurchases to change the ownership of their companies to protect them against unfriendly changes in control by outside shareholders. The paper documents the time series of stock repurchases made by Japanese companies over the period 2001-2014. We find that almost half of listed companies engage in share repurchases, and almost on...