On The Timing And Execution Of Open Market Repurchases PDF Download
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Author | : Laurie Krigman |
Publisher | : |
Total Pages | : 47 |
Release | : 2015 |
Genre | : |
ISBN | : |
Download On the Timing and Execution of Open Market Repurchases Book in PDF, ePub and Kindle
Little is known about the timing and execution of open market repurchases. U.S. firms are under no obligation to disclose when they are trading, and generally report only quarterly changes in shares outstanding. We use 64 firms' supplementally disclosed repurchase trading data to provide the first examination of repurchase timing and execution. Across the days reported in our sample, firms adopted a variety of execution styles ranging from immediate intense repurchasing to delayed and smoothed repurchasing. We find no clear evidence that repurchases are timed to coincide with, precede, or follow, days on which information is released. Within a given repurchase day, we find u-shaped repurchase patterns for NYSE firms and end-of-day repurchasing tendencies for Nasdaq firms. We benchmark the costs and value of a given repurchase program against naive accumulation strategies achieving the same terminal portfolio. While there is considerable variation across the firms, NYSE firms on average beat their benchmarks whereas Nasdaq firms do not. Finally, we document the liquidity impact of open market repurchases. We find that repurchasing contributes to market liquidity by narrowing bid-ask spreads on days when repurchase trades are completed.
Author | : Harry DeAngelo |
Publisher | : Now Publishers Inc |
Total Pages | : 215 |
Release | : 2009 |
Genre | : Corporations |
ISBN | : 1601982046 |
Download Corporate Payout Policy Book in PDF, ePub and Kindle
Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.
Author | : Theo Vermaelen |
Publisher | : Now Publishers Inc |
Total Pages | : 117 |
Release | : 2005 |
Genre | : Business & Economics |
ISBN | : 1933019166 |
Download Share Repurchases Book in PDF, ePub and Kindle
This survey derives some of the key results on the taxation of international investment in variants of one model of multinational investment.
Author | : |
Publisher | : |
Total Pages | : 83 |
Release | : 2007 |
Genre | : Corporations |
ISBN | : 9781846632563 |
Download Payout Policy Book in PDF, ePub and Kindle
Dividend policy continues to be among the premier unsolved puzzles in finance. A number of theories have been advanced to explain dividend policy. This e-book briefly reviews the principal theories of payout policy and dividend policy and summarizes the empirical evidence on these theories. Empirical evidence is equivocal and the search for new explanation for dividends continues.
Author | : Alvin Chen |
Publisher | : CFA Institute Research Foundation |
Total Pages | : 77 |
Release | : 2022-02-09 |
Genre | : Business & Economics |
ISBN | : 1952927277 |
Download Stock Buyback Motivations and Consequences: A Literature Review Book in PDF, ePub and Kindle
Once infrequently used, stock buybacks have become the dominant form of corporate payouts in the new century. Hundreds of billions of dollars flow from public companies to their shareholders via share repurchases every year. This literature review presents the main findings from the academic literature on stock buybacks in the United States and around the world. Where appropriate and possible, it compares and contrasts the insights of researchers to the views of practitioners. There has been much controversy about share repurchases in recent years. On the one hand, proponents of share repurchases say that this payout method provides liquidity and price support, returns excess cash in a flexible way, corrects undervaluation, and conveys information to the market. These aspects of buybacks are also often cited by practitioners as motivations for their share repurchase decisions. Academic research provides evidence that supports this view as well. On the other hand, opponents of buybacks argue that the practice may be used to manipulate executive compensation and mislead investors. While these aspects of share repurchase are rarely mentioned by corporate executives, academic research lends some credence to these concerns. Overall, academic researchers agree that while stock buybacks may be misused, this payout method has clear advantages. Hence, the challenge is to provide the right combination of oversight that allows companies to benefit from those advantages while minimizing potential costs. Finally, the studies surveyed in this review point out that a company’s buyback decision is tightly linked to many of its other policies, such as capital structure, compensation, risk management, and disclosure. Consequently, share repurchase policy discussions should also recognize the implications of the proposed changes for other corporate policies.
Author | : Cheng F. Lee |
Publisher | : Center for PBBEFR & Airiti Press |
Total Pages | : |
Release | : 2016-01-01 |
Genre | : Business & Economics |
ISBN | : 9864371290 |
Download Advances in Quantitative Analysis of Finance and Accounting (New Series) Vol.14 Book in PDF, ePub and Kindle
Advances in Quantitative Analysis of Finance and Accounting (New Series) is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and the accounting profession.
Author | : Craig Holden |
Publisher | : Now Publishers |
Total Pages | : 90 |
Release | : 2014-11-28 |
Genre | : Business & Economics |
ISBN | : 9781601988744 |
Download The Empirical Analysis of Liquidity Book in PDF, ePub and Kindle
We provide a synthesis of the empirical evidence on market liquidity. The liquidity measurement literature has established standard measures of liquidity that apply to broad categories of market microstructure data. Specialized measures of liquidity have been developed to deal with data limitations in specific markets, to provide proxies from daily data, and to assess institutional trading programs. The general liquidity literature has established local cross-sectional patterns, global cross-sectional patterns, and time-series patterns.
Author | : Justin Pettit |
Publisher | : John Wiley & Sons |
Total Pages | : 338 |
Release | : 2011-07-12 |
Genre | : Business & Economics |
ISBN | : 1118160622 |
Download Strategic Corporate Finance Book in PDF, ePub and Kindle
Essential guidance for the corporate finance professional — advisor, Board Director, CFO, Treasurer, business development executive, or M&A expert—to ask the right questions and make the critical decisions. Strategic Corporate Finance is a practical guide to the key issues, their context, and their solutions. From performance measurement and capital planning to risk management and capital structure, Strategic Corporate Finance, translates principles of corporate finance theory into practical methods for implementing them. Filled with in-depth insights, expert advice, and detailed case studies, Strategic Corporate Finance will prepare you for the issues involved in raising, allocating and managing capital, and its associated risks. Justin Pettit (New York, NY) draws on his 15 years of senior advisory experience as an investment banker and management consultant. He advises corporate boards and executives on matters of capital structure, financial policy, valuation, and strategy. He also lectures on topics in advanced corporate finance to graduate and undergraduate students at universities in the New York area.
Author | : David J. Denis |
Publisher | : Edward Elgar Publishing |
Total Pages | : 709 |
Release | : 2024-02-12 |
Genre | : Business & Economics |
ISBN | : 1800373899 |
Download Handbook of Corporate Finance Book in PDF, ePub and Kindle
Expertly surveying the realm of corporate finance, this adroitly-crafted Handbook offers a wealth of conceptual analysis and comprehensively outlines recent scholarly research and developments within the field. It not only delves into the theoretical dimensions of corporate finance, but also explores its practical implications, thereby bridging the gap between these distinct strands.
Author | : John B. Guerard, Jr. |
Publisher | : Springer Science & Business Media |
Total Pages | : 546 |
Release | : 2007-11-19 |
Genre | : Business & Economics |
ISBN | : 0387344659 |
Download Quantitative Corporate Finance Book in PDF, ePub and Kindle
The book addresses several problems in contemporary corporate finance: optimal capital structure, both in the US and in the G7 economies; the Capital Asset Pricing Model (CAPM) and the Arbitrage Pricing Model (APT) and the implications for the cost of capital; dividend policy; sales forecasting and pro forma statement analysis; leverage and bankruptcy; and mergers and acquisitions. It is designed to be used as an advanced graduate corporate financial management textbook.