DC Field | Value | Language |
---|---|---|
dc.contributor.author | Chan, K | ko |
dc.contributor.author | Ikenberry, D | ko |
dc.contributor.author | Lee, Inmoo | ko |
dc.date.accessioned | 2013-03-04T13:30:33Z | - |
dc.date.available | 2013-03-04T13:30:33Z | - |
dc.date.created | 2012-02-06 | - |
dc.date.created | 2012-02-06 | - |
dc.date.issued | 2004-09 | - |
dc.identifier.citation | JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, v.39, pp.461 - 479 | - |
dc.identifier.issn | 0022-1090 | - |
dc.identifier.uri | http://hdl.handle.net/10203/82787 | - |
dc.description.abstract | Previous studies offer a mixed understanding of the economic role of stock repurchases. This paper investigates three key economic motivations-mispricing, disgorging free cash flow, and increasing leverage-by evaluating cross-sectional differences in both the initial market reaction and long-run performance. The initial reaction provides some support for the mispricing story. However, subsequent earnings-related information shocks suggest that the initial market reaction is incomplete and that long-run performance may be informative. The long-horizon return evidence is most consistent with the mispricing hypothesis and, to some degree, the free cash flow hypothesis. We find little support for the leverage hypothesis. | - |
dc.language | English | - |
dc.publisher | UNIV WASHINGTON SCH BUSINESS & ADMINISTRATION | - |
dc.subject | SEASONED EQUITY OFFERINGS | - |
dc.subject | MARKET SHARE REPURCHASES | - |
dc.subject | FREE CASH FLOW | - |
dc.subject | RETURNS | - |
dc.subject | PERFORMANCE | - |
dc.subject | EFFICIENCY | - |
dc.subject | EARNINGS | - |
dc.subject | FINANCE | - |
dc.subject | FIRMS | - |
dc.subject | COSTS | - |
dc.title | Economic sources of gain in stock repurchases | - |
dc.type | Article | - |
dc.identifier.wosid | 000223706200002 | - |
dc.identifier.scopusid | 2-s2.0-4644288102 | - |
dc.type.rims | ART | - |
dc.citation.volume | 39 | - |
dc.citation.beginningpage | 461 | - |
dc.citation.endingpage | 479 | - |
dc.citation.publicationname | JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | - |
dc.contributor.localauthor | Lee, Inmoo | - |
dc.contributor.nonIdAuthor | Chan, K | - |
dc.contributor.nonIdAuthor | Ikenberry, D | - |
dc.type.journalArticle | Article | - |
dc.subject.keywordPlus | SEASONED EQUITY OFFERINGS | - |
dc.subject.keywordPlus | MARKET SHARE REPURCHASES | - |
dc.subject.keywordPlus | FREE CASH FLOW | - |
dc.subject.keywordPlus | RETURNS | - |
dc.subject.keywordPlus | PERFORMANCE | - |
dc.subject.keywordPlus | EFFICIENCY | - |
dc.subject.keywordPlus | EARNINGS | - |
dc.subject.keywordPlus | FINANCE | - |
dc.subject.keywordPlus | FIRMS | - |
dc.subject.keywordPlus | COSTS | - |
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