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Journal of Financial Economics

Выпуск N1 за 1988 год

Опубликовано на портале: 02-10-2003
Michael J. Barclay, Clifford W. Smith Journal of Financial Economics. 1988.  Vol. 22. No. 1. P. 61-82. 
Theories of corporate payout policy do not explain the observed form of distributions to shareholders. Although open-market repurchases appear to have tax advantages, cash dividends are overwhelmingly chosen. We argue that there are costs associated with open-market-repurchase programs, since they provide managers with opportunities to use inside information to benefit themselves at stockholders' expense. We offer evidence suggesting that bid-ask spreads widen around repurchase announcements, as predicted by our analysis. Since these costs of repurchases do not arise with cash dividends, our analysis implies that repurchases do not dominate cash dividends for making distributions to shareholders.
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