Motives for Multiple Open-Market Repurchase Programs
We 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.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 32 (2003)
Issue (Month): 2 (Summer)
|Contact details of provider:|| Postal: |
Web page: http://www.fma.org/
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:fma:fmanag:jagannathanstephens03. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Courtney Connors)The email address of this maintainer does not seem to be valid anymore. Please ask Courtney Connors to update the entry or send us the correct address
If references are entirely missing, you can add them using this form.