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 may disagree with the manager about the firm’s investment projects. A repurchase cau...

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Bibliographic Details
Main Authors: HUANG, Sheng, Thakor, Anjan
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2010
Subjects:
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/3182
https://www.huangjk.info/pdf/Repurchase_06-2010.pdf
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Institution: Singapore Management University
Language: English