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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Trường Đại học Kinh tế
2020
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oai:112.137.131.14:VNU_123-976982020-11-17T04:04:53Z Open market repurchase program, dividend payment status, information asymmetry, and institutional ownership Hội thảo quốc tế Ngân hàng và Tài chính thế giới 2015 Open market repurchase Dividend Information asymmetry Institutional investors 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. 2020-11-17T03:39:14Z 2020-11-17T03:39:14Z 2015 Conference Paper (2015).Open market repurchase program, dividend payment status, information asymmetry, and institutional ownership. Hội thảo quốc tế Ngân hàng và Tài chính thế giới 2015 http://repository.vnu.edu.vn/handle/VNU_123/97698 en_US 40 p. application/pdf Trường Đại học Kinh tế |
| institution |
Vietnam National University, Hanoi |
| building |
VNU Library & Information Center |
| continent |
Asia |
| country |
Vietnam Vietnam |
| content_provider |
VNU Library and Information Center |
| collection |
VNU Digital Repository |
| language |
English |
| topic |
Open market repurchase Dividend Information asymmetry Institutional investors |
| spellingShingle |
Open market repurchase Dividend Information asymmetry Institutional investors Open market repurchase program, dividend payment status, information asymmetry, and institutional ownership |
| description |
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. |
| author2 |
Hội thảo quốc tế Ngân hàng và Tài chính thế giới 2015 |
| author_facet |
Hội thảo quốc tế Ngân hàng và Tài chính thế giới 2015 |
| format |
Conference or Workshop Item |
| title |
Open market repurchase program, dividend payment status, information asymmetry, and institutional ownership |
| title_short |
Open market repurchase program, dividend payment status, information asymmetry, and institutional ownership |
| title_full |
Open market repurchase program, dividend payment status, information asymmetry, and institutional ownership |
| title_fullStr |
Open market repurchase program, dividend payment status, information asymmetry, and institutional ownership |
| title_full_unstemmed |
Open market repurchase program, dividend payment status, information asymmetry, and institutional ownership |
| title_sort |
open market repurchase program, dividend payment status, information asymmetry, and institutional ownership |
| publisher |
Trường Đại học Kinh tế |
| publishDate |
2020 |
| url |
http://repository.vnu.edu.vn/handle/VNU_123/97698 |
| _version_ |
1684667333996445696 |