Motives for Multiple Open-Market Repurchase Programs
AbstractWe examine differences in motives, firm characteristics, market performance, and subsequent operating performance of firms that repurchase shares frequently versus firms that repurchase only occasionally or infrequently. Frequent repurchasers are much larger, have significantly less variation in operating income, and higher dividend payout ratios. Infrequent repurchases are made by smaller firms with more volatile operating income, lower institutional ownership, lower market-to-book ratios and high degrees of asymmetric information. Although most repurchases are viewed favorably by the market, infrequent repurchases receive a much stronger positive reaction. Finally, we find little evidence of improved operating performance following repurchase announcements.
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Bibliographic InfoArticle provided by Financial Management Association in its journal Financial Management.
Volume (Year): 32 (2003)
Issue (Month): 2 (Summer)
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- Farrugia, Damien & Graham, Michael & Yawson, Alfred, 2011. "Economic conditions and the motives for multiple open-market share buybacks," Research in International Business and Finance, Elsevier, vol. 25(2), pages 156-168, June.
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- Luís Krug Pacheco & Clara Raposo, 2009. "THE CAPITAL and CASH FLOW SOURCES and USES of INITIAL STOCK REPURCHASE FIRMS," Working Papers de GestÃ£o (Management Working Papers) 07, Faculdade de Economia e Gestão, Universidade Católica Portuguesa (Porto).
- Erasmo Giambona & Joseph Golec & Carmelo Giaccotto, 2006. "The Conditional Performance of REIT Stock Repurchases," The Journal of Real Estate Finance and Economics, Springer, vol. 32(2), pages 129-149, March.
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