Investor Heterogeneity, Investor-Management Disagreement and Open Market Share Repurchases
This paper develops a new theoretical explanation for why a firm conducts open market stock repurchases, tests the main predictions associated with this explanation and finds empirical evidence in support. Investors disagree with the manager about the firm’s investment projects. A repurchase causes...
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| Main Authors: | , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2010
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/3060 https://www.ccfr.org.cn/cicf2010/papers/20091210174049.pdf |
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| Institution: | Singapore Management University |
| Language: | English |