Open market repurchase program, dividend payment status, information asymmetry, and institutional ownership
This study examines the information content of open market share repurchase (OMR) announcements while taking into account the firm’s dividend payment status. We find that the market reacts more positively to the OMR announcements by non-dividend paying firms than to those by dividend paying firms...
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| 其他作者: | |
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| 格式: | Conference or Workshop Item |
| 語言: | English |
| 出版: |
Trường Đại học Kinh tế
2020
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| 主題: | |
| 在線閱讀: | http://repository.vnu.edu.vn/handle/VNU_123/97698 |
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| 總結: | This study examines the information content of open market share repurchase (OMR)
announcements while taking into account the firm’s dividend payment status. We find that the
market reacts more positively to the OMR announcements by non-dividend paying firms than
to those by dividend paying firms. Among dividend paying firms, we find a stronger market
reaction to the OMR announcements by firms having no changes in their dividend payments.
We also document that dividend status mitigates the effect of information asymmetry caused
by ownership structure of repurchase firms. In addition, the market has reacted less positively
to the OMR announcements after the 2003 tax cut. |
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