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Common stock repurchases and market signalling : An empirical study

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  1. repec:awi:wpaper:0418 is not listed on IDEAS
  2. Clarke, Nicholas, 2022. "It's just a matter of time: Abnormal returns after firms stop repurchasing shares," Finance Research Letters, Elsevier, vol. 49(C).
  3. Jie Cai & Yixin Liu & Yiming Qian & Miaomiao Yu, 2015. "Information Asymmetry and Corporate Governance," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 5(03), pages 1-32, September.
  4. Adelegan, Olatundun, 2006. "Effects of taxes financing decisions and firm value in Nigeria," Proceedings of the German Development Economics Conference, Berlin 2006 1, Verein für Socialpolitik, Research Committee Development Economics.
  5. Komlan Sedzro, 2010. "A Unifying Approach For Comparing Onetime Payouts And Recurring Dividends," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 4(2), pages 141-154.
  6. Hirtle, Beverly, 2004. "Stock repurchases and bank holding company performance," Journal of Financial Intermediation, Elsevier, vol. 13(1), pages 28-57, January.
  7. Chen, Ni-Yun & Liu, Chi-Chun, 2021. "The effect of repurchase regulations on actual share reacquisitions and cost of debt," The North American Journal of Economics and Finance, Elsevier, vol. 55(C).
  8. Alzahrani, Mohammed & Lasfer, Meziane, 2012. "Investor protection, taxation, and dividends," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 745-762.
  9. Shahram Amini & Vijay Singal, 2020. "Are earnings predictable?," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 44(3), pages 528-562, July.
  10. Viral V. Acharya & Guillaume Plantin, 2019. "Monetary Easing, Leveraged Payouts and Lack of Investment," NBER Working Papers 26471, National Bureau of Economic Research, Inc.
  11. Sarthak Kumar Jena & Chandra Sekhar Mishra & Prabina Rajib, 2020. "Do Indian Companies Manage Earnings Before Share Repurchase?," Global Business Review, International Management Institute, vol. 21(6), pages 1427-1447, December.
  12. Assia Elgouacem, 2018. "Essays on investment and saving [Essais sur l’investissement et l’épargne]," SciencePo Working papers tel-03419405, HAL.
  13. Zhang, Hao & Jin, Tian & Chen, Hanbin, 2023. "Do controlling shareholders collude with their related large shareholders? Evidence of equity pledges and shareholding increases from China," International Review of Financial Analysis, Elsevier, vol. 89(C).
  14. David K. Ding & Hardjo Koerniadi & Chandrasekhar Krishnamurti, 2020. "What Drives the Declining Wealth Effect of Subsequent Share Repurchase Announcements?," JRFM, MDPI, vol. 13(8), pages 1-14, August.
  15. Andres, Christian & Cumming, Douglas & Karabiber, Timur & Schweizer, Denis, 2014. "Do markets anticipate capital structure decisions? — Feedback effects in equity liquidity," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 133-156.
  16. Golbe, Devra L. & Nyman, Ingmar, 2013. "How do share repurchases affect ownership concentration?," Journal of Corporate Finance, Elsevier, vol. 20(C), pages 22-40.
  17. Takashi Hatakeda, 2006. "Share Repurchase Behavior of Japanese Banks," Discussion Papers 2006-27, Kobe University, Graduate School of Business Administration.
  18. Brockman, Paul & Khurana, Inder K. & Martin, Xiumin, 2008. "Voluntary disclosures around share repurchases," Journal of Financial Economics, Elsevier, vol. 89(1), pages 175-191, July.
  19. Gould, Graeme P., 2019. "Repurchases and intended program length," Pacific-Basin Finance Journal, Elsevier, vol. 56(C), pages 234-247.
  20. 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.
  21. Andriosopoulos, Dimitrios & Gaganis, Chrysovalantis & Pasiouras, Fotios & Zopounidis, Constantin, 2012. "An application of multicriteria decision aid models in the prediction of open market share repurchases," Omega, Elsevier, vol. 40(6), pages 882-890.
  22. Floyd, Eric & Li, Nan & Skinner, Douglas J., 2015. "Payout policy through the financial crisis: The growth of repurchases and the resilience of dividends," Journal of Financial Economics, Elsevier, vol. 118(2), pages 299-316.
  23. Brav, Alon & Graham, John R. & Harvey, Campbell R. & Michaely, Roni, 2005. "Payout policy in the 21st century," Journal of Financial Economics, Elsevier, vol. 77(3), pages 483-527, September.
  24. Lee, Yi-Tsung & Liu, Yu-Jane & Roll, Richard & Subrahmanyam, Avanidhar, 2006. "Taxes and dividend clientele: Evidence from trading and ownership structure," Journal of Banking & Finance, Elsevier, vol. 30(1), pages 229-246, January.
  25. Buchanan, Bonnie G. & Cao, Cathy Xuying & Liljeblom, Eva & Weihrich, Susan, 2017. "Uncertainty and firm dividend policy—A natural experiment," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 179-197.
  26. Dennis Y. Chung & Dušan Isakov & Christophe Pérignon, 2005. "Repurchasing Shares on a Second Trading Line," FSES Working Papers 391, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.
  27. Jyoti Gupta & Florian Wagner, 2018. "The Announcement Effect of Open-Market Share Buybacks: The Case for European Firms," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 10(8), pages 117-117, August.
  28. Denis, Diane K. & Shome, Dilip K., 2005. "An empirical investigation of corporate asset downsizing," Journal of Corporate Finance, Elsevier, vol. 11(3), pages 427-448, June.
  29. Xiao, MingFang & Cao, June & Chiang, Yao-Min, 2022. "Kiss the baby for the nurse's sake? - Guaranteeing employees' stock purchase against loss program," International Review of Financial Analysis, Elsevier, vol. 81(C).
  30. Chan, Konan & Ikenberry, David L. & Lee, Inmoo, 2007. "Do managers time the market? Evidence from open-market share repurchases," Journal of Banking & Finance, Elsevier, vol. 31(9), pages 2673-2694, September.
  31. Luís Krug Pacheco & Clara Raposo, 2009. "ON the TIMING of INITIAL STOCK REPURCHASES," Working Papers de Gestão (Management Working Papers) 06, Católica Porto Business School, Universidade Católica Portuguesa.
  32. Qin Wang & Jun Zhang, 2015. "Individual investor trading and stock liquidity," Review of Quantitative Finance and Accounting, Springer, vol. 45(3), pages 485-508, October.
  33. Chi-Chun Liu & Ni-Yun Chen, 2015. "Earnings Surprises in Analysts' Forecasts, Mandatory Disclosure, and Share Repurchases," Abacus, Accounting Foundation, University of Sydney, vol. 51(1), pages 63-85, March.
  34. Mark Mietzner, 2017. "Why do firms decide to stop their share repurchase programs?," Review of Managerial Science, Springer, vol. 11(4), pages 815-855, October.
  35. Ravi, Rahul & Hong, Youna, 2014. "Firm opacity and financial market information asymmetry," Journal of Empirical Finance, Elsevier, vol. 25(C), pages 83-94.
  36. Christine Brown, 2007. "The Announcement Effects of Off-Market Share Repurchases in Australia," Australian Journal of Management, Australian School of Business, vol. 32(2), pages 369-385, December.
  37. Danilo Stojanovic, 2022. "The 2003 Tax Reform and Corporate Payout Policy in the US," CERGE-EI Working Papers wp727, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
  38. Ota, Koji & Lau, David & Kawase, Hironori, 2022. "Signal strength adjustment behavior: Evidence from share repurchases," Journal of Banking & Finance, Elsevier, vol. 143(C).
  39. Avishek Bhandari & Joanna Golden & Kenton Walker & Joseph H. Zhang, 2022. "The relationship between stock repurchase completion rates, firm reputation and financial reporting quality: a commitment‐trust theory perspective," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(2), pages 2687-2724, June.
  40. Michael Kinney & Harrison Liu, 2018. "Corporate responses to the repatriation incentives and domestic production activities deduction," Review of Quantitative Finance and Accounting, Springer, vol. 50(2), pages 623-651, February.
  41. Bogna Ka?mierska-Jó?wiak & Elzbieta Wro?ska-Bukalska, 2017. "Effect Of Repurchase Announcement On The Polish Alternative Stock Market," Proceedings of Economics and Finance Conferences 4807891, International Institute of Social and Economic Sciences.
  42. Andre C Vianna, 2017. "Effects of Bush Tax Cut and Obama Tax Increase on corporate payout policy and stock returns," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 41(3), pages 441-462, July.
  43. Drousia, Angeliki & Episcopos, Athanasios & Leledakis, George N., 2016. "Market Reaction to Stock Repurchases in Greece," MPRA Paper 85610, University Library of Munich, Germany, revised 01 Mar 2018.
  44. Paul Tanyi & David B. Smith & Xiaoyan Cheng, 2021. "Does firm payout policy affect shareholders’ dissatisfaction with directors?," Review of Quantitative Finance and Accounting, Springer, vol. 57(1), pages 279-320, July.
  45. Julian FRANKS & Colin MAYER & MIYAJIMA Hideaki & OGAWA Ryo, 2018. "Stock Repurchases and Corporate Control: Evidence from Japan," Discussion papers 18074, Research Institute of Economy, Trade and Industry (RIETI).
  46. Chun-An Li & Tse-Mao Lin & Ching-Han Chuang, 2019. "Can The Open Market React To Stock Repurchases Announcement Correctly?," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 13(1), pages 31-52.
  47. Gow‐Cheng Huang & Kartono Liano & Herman Manakyan & Ming‐Shiun Pan, 2013. "Open‐Market Stock Repurchases by Insurance Companies and Signaling," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 16(1), pages 47-69, March.
  48. 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.
  49. H.Kent Baker & Gary E. Powell & E.Theodore Veit, 2002. "Revisiting the dividend puzzle," Review of Financial Economics, John Wiley & Sons, vol. 11(4), pages 241-261.
  50. Evgeniou, Theodoros & de Fortuny, Enric Junqué & Nassuphis, Nick & Vermaelen, Theo, 2018. "Volatility and the buyback anomaly," Journal of Corporate Finance, Elsevier, vol. 49(C), pages 32-53.
  51. (Grace) Qing Hao, 2014. "Institutional Shareholder Investment Horizons and Seasoned Equity Offerings," Financial Management, Financial Management Association International, vol. 43(1), pages 87-111, March.
  52. Nekat, Kai & Nippel, Peter, 2007. "The impact of a firm's payout policy on stock prices and shareholders' wealth in an inefficient market," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 619, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.
  53. Banyi, Monica L. & Dyl, Edward A. & Kahle, Kathleen M., 2008. "Errors in estimating share repurchases," Journal of Corporate Finance, Elsevier, vol. 14(4), pages 460-474, September.
  54. James C. Brau & Andrew Holmes, 2001. "Using REITs to Extricate the Effect of Managerial Signalling in Open Market Share Repurchase Announcements," ERES eres2001_123, European Real Estate Society (ERES).
  55. Liang, Woan-lih, 2016. "Sensitivity to investor sentiment and stock performance of open market share repurchases," Journal of Banking & Finance, Elsevier, vol. 71(C), pages 75-94.
  56. Tung Liang Liao & Mei-Chu Ke & Hsiang-Tai Yu, 2005. "Anomalous price behaviour around stock repurchases on the Taiwan stock exchange," Applied Economics Letters, Taylor & Francis Journals, vol. 12(1), pages 29-39.
  57. Vollmer, Hendrik, 2016. "Financial numbers as signs and signals: Looking back and moving forward," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 17(2), pages 32-38.
  58. Barth, Mary E. & Kasznik, Ron, 1999. "Share repurchases and intangible assets," Journal of Accounting and Economics, Elsevier, vol. 28(2), pages 211-241, December.
  59. du Jardin, Philippe & Séverin, Eric, 2011. "Dividend policy," MPRA Paper 44382, University Library of Munich, Germany.
  60. Gunnar Bårdsen & Jurgen Doornik & Jan Tore Klovland, 2004. "A European-type wage equation from an American-style labor market: Evidence from a panel of Norwegian manufacturing industries in the 1930s," Working Paper 2004/8, Norges Bank.
  61. Vogt, Jan, 2023. "Managerial market timing under credit risk: How do timed buybacks and stock issuances influence the value of long-term shareholders?," Global Finance Journal, Elsevier, vol. 55(C).
  62. Gregory L. Adams & James C. Brau & Andrew Holmes, 2007. "REIT Stock Repurchases: Completion Rates, Long - Run Returns, and the Straddle Hypothesis," Journal of Real Estate Research, American Real Estate Society, vol. 29(2), pages 115-136.
  63. Julian FRANKS & Colin MAYER & MIYAJIMA Hideaki & OGAWA Ryo, 2023. "Managing Ownership by Management," Discussion papers 23022, Research Institute of Economy, Trade and Industry (RIETI).
  64. William Terando & Wayne Shaw & David Smith, 2007. "Valuation and classification of company issued cash and share-puts," Review of Quantitative Finance and Accounting, Springer, vol. 29(3), pages 223-240, October.
  65. Lie, Erik & McConnell, John J., 1998. "Earnings signals in fixed-price and Dutch auction self-tender offers," Journal of Financial Economics, Elsevier, vol. 49(2), pages 161-186, August.
  66. Elzbieta Wronska-Bukalska, 2015. "Stock Repurchases, Stock Compensation, and Firm Financial Performance," Management, University of Primorska, Faculty of Management Koper, vol. 10(3), pages 201-217.
  67. Ota, Koji & Lau, David, 2021. "Share repurchases on the Tokyo Stock Exchange Trading Network," Journal of the Japanese and International Economies, Elsevier, vol. 61(C).
  68. 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.
  69. Chinmoy Ghosh & Erasmo Giambona & John P. Harding & Özcan Sezer & C.F. Sirmans, 2010. "The Role of Managerial Stock Option Programs in Governance: Evidence from REIT Stock Repurchases," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 38(1), pages 31-55, March.
  70. Kulchania, Manoj, 2013. "Catering driven substitution in corporate payouts," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 180-195.
  71. Levy, Hagit & Shalev, Ron, 2017. "Bond repurchase objectives and the repurchase method choice," Journal of Accounting and Economics, Elsevier, vol. 63(2), pages 385-403.
  72. Fei Leng & Kevin Zhao, 2014. "Insider trading around open-market share repurchases," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 38(3), pages 461-491, July.
  73. Angeliki Drousia & Athanasios Episcopos & George N. Leledakis & Emmanouil G. Pyrgiotakis, 2023. "EU Regulation and open market share repurchases: new evidence," The European Journal of Finance, Taylor & Francis Journals, vol. 29(9), pages 1022-1042, June.
  74. William Rees, 1996. "The impact of open market equity repurchases on UK equity prices," The European Journal of Finance, Taylor & Francis Journals, vol. 2(4), pages 353-370.
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  76. Hussein Abedi Shamsabadi & Byung-Seong Min & Richard Chung, 2016. "Corporate governance and dividend strategy: lessons from Australia," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 12(5), pages 583-610, October.
  77. Salim Chahine & Mohamad Zeidan & Hala Dairy, 2012. "Corporate governance and the market reaction to stock repurchase announcement," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 16(4), pages 707-726, November.
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  86. Bong Soo Lee & Nathan Mauck, 2018. "Informed Repurchases, Information Asymmetry and the Market Response to Open Market Share Repurchases," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 21(03), pages 1-32, September.
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