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Managerial motivation and timing of open market share repurchases

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  • Zahn Bozanic

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Abstract

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Suggested Citation

  • Zahn Bozanic, 2010. "Managerial motivation and timing of open market share repurchases," Review of Quantitative Finance and Accounting, Springer, vol. 34(4), pages 517-531, May.
  • Handle: RePEc:kap:rqfnac:v:34:y:2010:i:4:p:517-531 DOI: 10.1007/s11156-009-0145-8
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    References listed on IDEAS

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    1. Ikenberry, David & Lakonishok, Josef & Vermaelen, Theo, 1995. "Market underreaction to open market share repurchases," Journal of Financial Economics, Elsevier, vol. 39(2-3), pages 181-208.
    2. Roychowdhury, Sugata, 2006. "Earnings management through real activities manipulation," Journal of Accounting and Economics, Elsevier, vol. 42(3), pages 335-370, December.
    3. Jagannathan, Murali & Stephens, Clifford P. & Weisbach, Michael S., 2000. "Financial flexibility and the choice between dividends and stock repurchases," Journal of Financial Economics, Elsevier, vol. 57(3), pages 355-384, September.
    4. Gustavo Grullon & Roni Michaely, 2004. "The Information Content of Share Repurchase Programs," Journal of Finance, American Finance Association, vol. 59(2), pages 651-680, April.
    5. Matthew T. Billett & Hui Xue, 2007. "The Takeover Deterrent Effect of Open Market Share Repurchases," Journal of Finance, American Finance Association, vol. 62(4), pages 1827-1850, August.
    6. Fenn, George W. & Liang, Nellie, 2001. "Corporate payout policy and managerial stock incentives," Journal of Financial Economics, Elsevier, vol. 60(1), pages 45-72, April.
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    Cited by:

    1. repec:bla:jfnres:v:40:y:2017:i:3:p:287-313 is not listed on IDEAS
    2. Chen, Anlin & Lu, Cheng-Shou, 2015. "The effect of managerial overconfidence on the market timing ability and post-buyback performance of open market repurchases," The North American Journal of Economics and Finance, Elsevier, vol. 33(C), pages 234-251.
    3. De Cesari, Amedeo & Espenlaub, Susanne & Khurshed, Arif & Simkovic, Michael, 2012. "The effects of ownership and stock liquidity on the timing of repurchase transactions," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1023-1050.
    4. repec:kap:rqfnac:v:49:y:2017:i:3:d:10.1007_s11156-016-0603-z is not listed on IDEAS

    More about this item

    Keywords

    Share repurchases; Market timing; Anti-takeover provisions; Earnings management; Herfindahl index; G34; G35; M41;

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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