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A Game Plan for Share Repurchases

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  • Stonham, Paul

Abstract

Corporate share repurchases grew strongly as a popular means of returning cash to shareholders first in the US, then the UK, and later in the 1990s, in Continental European countries. Only in 1999 did the high rate of growth decline. This article documents the repurchase cycle and examines reasons given by corporates for undertaking repurchases which are then weighed against the evidence in practice. Several caveats can be issued against repurchases which diminish or reverse the positive valuation effects. In addition, alternative methods used in practice to implement repurchases are examined, and further measures which can enhance the effectiveness of repurchases are reviewed. The article concludes with a checklist or 'Game Plan' for a firm wishing to maximise financial value-added as well as strategic advantage from using the technique

Suggested Citation

  • Stonham, Paul, 2002. "A Game Plan for Share Repurchases," European Management Journal, Elsevier, vol. 20(1), pages 37-44, February.
    • Handle: RePEc:eee:eurman:v:20:y:2002:i:1:p:37-44
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    Citations

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    Cited by:

    1. Burak Pirgaip, 2021. "Pan(dem)ic reactions in Turkish stock market: evidence from share repurchases," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 11(2), pages 381-402, June.
    2. Geiler, P.H.M. & Renneboog, L.D.R., 2014. "Executive Remuneration and the Payout Decision," Other publications TiSEM d9ae7344-0a29-4aa0-a016-8, Tilburg University, School of Economics and Management.
    3. Wesson, N. & Smit, E.v.d.M. & Kidd, M. & Hamman, W.D., 2018. "Determinants of the choice between share repurchases and dividend payments," Research in International Business and Finance, Elsevier, vol. 45(C), pages 180-196.
    4. Reddy, Kotapati Srinivasa & Nangia, Vinay Kumar & Agrawal, Rajat, 2013. "Share repurchases, signaling effect and implications for corporate governance: Evidence from India," MPRA Paper 60147, University Library of Munich, Germany.

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