Journal of Finance
1952 1956 1957 1959 1962 1964 1968 1969 1970 1972 1973 1974 1975 1976 1977 1978 1979 1980 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Опубликовано на портале: 06-10-2004
Clifford P. Stephens, Michael Steven Weisbach
Journal of Finance.
1998.
Vol. 53.
No. 1.
P. 313-333.
Unlike Dutch auction repurchases and tender offers, open-market repurchase programs
do not precommit firms to acquire a specified number of shares. In a sample of 450
programs from 1981 to 1990, firms on average acquire 74 to 82 percent of the shares
announced as repurchase targets within three years of the repurchase announcement.
We find that share repurchases are negatively related to prior stock price performance,
suggesting that firms increase their purchasing depending on its degree of perceived
undervaluation. In addition, repurchases are positively related to levels of cash
flow, which is consistent with liquidity arguments.
Optimal Financial Crises [статья]
Опубликовано на портале: 16-03-2005
Franklin Allen, Douglas Gale
Journal of Finance.
1998.
Vol. 53.
No. 4.
P. 1245 - 1284.
Empirical evidence suggests that banking panics are related to the business cycle
and are not simply the result of “sunspots.” Panics occur when depositors
perceive that the returns on bank assets are going to be unusually low. We develop
a simple model of this. In this setting, bank runs can be first-best efficient: they
allow efficient risk sharing between early and late withdrawing depositors and they
allow banks to hold efficient portfolios. However, if costly runs or markets for
risky assets are introduced, central bank intervention of the right kind can lead
to a Pareto improvement in welfare.
|
|