Name: Finance and Economics Discussion Series: Good News and Bad News about Share Repurchases (en Inglés)
Price: 34.13 USD
Availability: InStock
Author: Fenn, George W. ; Liang, Nellie ; United States Federal Reserve Board
ISBN: 9781288721436

portada Finance and Economics Discussion Series: Good News and Bad News about Share Repurchases (en Inglés)

Finance and Economics Discussion Series: Good News and Bad News about Share Repurchases (en Inglés)

Formato

Libro Físico

Autor

United States Federal Reserve Board

George W. Fenn

Nellie Liang

Editorial

Bibliogov

Idioma

Inglés

N° páginas

Encuadernación

Tapa Blanda

Dimensiones

24.6 x 18.9 x 0.2 cm

Peso

0.08 kg.

ISBN13

9781288721436

Categorías

Política y gobierno

Finance and Economics Discussion Series: Good News and Bad News about Share Repurchases (en Inglés)

United States Federal Reserve Board (Autor) · George W. Fenn (Autor) · Nellie Liang (Autor) · Bibliogov · Tapa Blanda

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Reseña del libro "Finance and Economics Discussion Series: Good News and Bad News about Share Repurchases (en Inglés)"

We estimate the cross-sectional relationship between open market repurchases and accounting data for a large sample of dividend- paying and non-dividend paying firms over a twelve year period (1984-95). Consistent with the hypothesis that firms use open market repurchases to reduce the agency costs of free cash flow, we find that repurchases are positively related to proxies for free cash flow and negatively related to proxies for marginal financing costs. We also examine the extent to which management stock options influence the choice between open market repurchases and dividend payments. Because the value of management stock options--like any call option--is negatively related to expected future dividend payments, management can increase the value of its stock options by substituting share repurchases for dividend growth. We find evidence that such substitution occurs: for dividend-paying firms, share repurchases are positively related and dividend increases are negatively related to a proxy for management stock options, whereas for non-dividend-paying firms, the relationship between repurchases and options is weak and statistically insignificant.