Voluntary Disclosure And Strategic Stock Repurchases PDF Download
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Author | : Praveen Kumar |
Publisher | : |
Total Pages | : |
Release | : 2017 |
Genre | : |
ISBN | : |
Download Voluntary Disclosure and Strategic Stock Repurchases Book in PDF, ePub and Kindle
We study the choice of disclosure and share repurchase strategies of informed managers using a model that captures how they differentially impact short and long-term stock value. We identify a partial disclosure equilibrium in which firms in the lowest value region neither disclose nor repurchase, firms with intermediate values disclose but do not repurchase, and firms in the highest value region induce undervaluation by not disclosing and buy back shares. In particular, the well known unraveling result when the manager is always informed (and when disclosure is costless) - the typical upper-tailed disclosure region in classic voluntary disclosure models - need not obtain when informed managers can use repurchases to extract information rents. We offer a new perspective on open-market share repurchases - the most common form of share repurchases - when chosen optimally with disclosure. Our analysis indicates that the equilibrium disclosure region shrinks as the firm's stock trading liquidity increases.
Author | : Paul Brockman |
Publisher | : |
Total Pages | : 52 |
Release | : 2007 |
Genre | : |
ISBN | : |
Download Voluntary Disclosure around Actual Share Repurchases Book in PDF, ePub and Kindle
We examine voluntary disclosure activities around actual share repurchases. We find that managers increase the percentage and magnitude of bad news announcements during the one-month period prior to repurchasing shares. We find weaker evidence that managers increase the percentage and magnitude of good news announcements during the one-month period following their repurchases. These results are consistent with Barclay and Smith's (1988) conjecture that share repurchases, unlike dividends, provide managers with additional incentives to manipulate information flows. We show that managers alter the content of voluntary disclosures by providing downward-biased earnings forecasts before repurchases. Further empirical analyses indicate that managers' propensity to alter information flows prior to share repurchases increases with their ownership interest in the firm. Overall, our findings suggest that as managers continue to substitute repurchases for dividends, increasing amounts of corporate payouts will be subject to opportunistic disclosure strategies.
Author | : American Bar Association. House of Delegates |
Publisher | : American Bar Association |
Total Pages | : 216 |
Release | : 2007 |
Genre | : Law |
ISBN | : 9781590318737 |
Download Model Rules of Professional Conduct Book in PDF, ePub and Kindle
The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
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 | : Belen Villalonga |
Publisher | : Emerald Group Publishing |
Total Pages | : 392 |
Release | : 2014-09-23 |
Genre | : Business & Economics |
ISBN | : 1783504943 |
Download Finance and Strategy Book in PDF, ePub and Kindle
The boundaries between CEO and CFO are blurred in the fields of strategy and finance. This volume fills this gap by discussing the main subdivisions of strategy research - corporate strategy and business strategy - and the main subdivisions of finance research - corporate finance and capital markets.
Author | : StataCorp LP |
Publisher | : Stata Press |
Total Pages | : 254 |
Release | : 1994-05 |
Genre | : Mathematics |
ISBN | : 9781881228127 |
Download Stata Technical Bulletin Reprints Book in PDF, ePub and Kindle
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 | : Joshua Ronen |
Publisher | : Springer Science & Business Media |
Total Pages | : 587 |
Release | : 2008 |
Genre | : Business & Economics |
ISBN | : 0387257691 |
Download Earnings Management Book in PDF, ePub and Kindle
This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Author | : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities |
Publisher | : |
Total Pages | : 900 |
Release | : 1994 |
Genre | : Business & Economics |
ISBN | : |
Download Private Litigation Under the Federal Securities Laws Book in PDF, ePub and Kindle
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.