Actual Share Reacquisitions in Open-Market Repurchase Programs
Опубликовано на портале: 06-10-2004
Journal of Finance.
1998.
Vol. 53.
No. 1.
P. 313-333.
Тематический раздел:
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.
Статья рекомендуется в учебной программе Seminar in Corporate Finance (Howe J.S.)
Ключевые слова
cash flow corporate finance open-market stock prices движение капитала движение наличности курс акций поток наличных средств финансы корпорации
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