Time-series behavior of share repurchases and dividends

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dc.contributor.authorLee, Bong Sooko
dc.contributor.authorRui, Oliver Mengko
dc.date.accessioned2013-03-06T12:22:51Z-
dc.date.available2013-03-06T12:22:51Z-
dc.date.created2012-02-06-
dc.date.created2012-02-06-
dc.date.issued2007-03-
dc.identifier.citationJOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, v.42, no.1, pp.119 - 142-
dc.identifier.issn0022-1090-
dc.identifier.urihttp://hdl.handle.net/10203/86972-
dc.description.abstractGiven the growth in the importance and popularity of share repurchases, we use an alternative time-series approach to test two hypotheses on the motives for share repurchases and dividends: the flexibility hypothesis and the substitution hypothesis. By investigating both share repurchase and dividend payout policies in the context of a time-series vector autoregression, we account for the dynamic and multi-dimensional nature of the two payout policies. We find that share repurchases are associated with temporary components of earnings, whereas dividends are not, and that share repurchases and dividends are imperfect substitutes.-
dc.languageEnglish-
dc.publisherUniv Washington Sch Business & Administration-
dc.subjectUNIT-ROOT-
dc.subjectSTOCK-PRICES-
dc.subjectPERMANENT-
dc.subjectDISTURBANCES-
dc.subjectHYPOTHESIS-
dc.subjectCOMPONENTS-
dc.subjectTEMPORARY-
dc.subjectPROGRAMS-
dc.subjectEARNINGS-
dc.subjectDEMAND-
dc.titleTime-series behavior of share repurchases and dividends-
dc.typeArticle-
dc.identifier.wosid000244843900005-
dc.identifier.scopusid2-s2.0-33947629271-
dc.type.rimsART-
dc.citation.volume42-
dc.citation.issue1-
dc.citation.beginningpage119-
dc.citation.endingpage142-
dc.citation.publicationnameJOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS-
dc.identifier.doi10.1017/S0022109000002210-
dc.contributor.localauthorLee, Bong Soo-
dc.contributor.nonIdAuthorRui, Oliver Meng-
dc.description.isOpenAccessN-
dc.type.journalArticleArticle-
dc.subject.keywordPlusUNIT-ROOT-
dc.subject.keywordPlusSTOCK-PRICES-
dc.subject.keywordPlusPERMANENT-
dc.subject.keywordPlusDISTURBANCES-
dc.subject.keywordPlusHYPOTHESIS-
dc.subject.keywordPlusCOMPONENTS-
dc.subject.keywordPlusTEMPORARY-
dc.subject.keywordPlusPROGRAMS-
dc.subject.keywordPlusEARNINGS-
dc.subject.keywordPlusDEMAND-
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