Investor Heterogeneity, Investor-Management Agreement and Open Market Share Repurchase

• Main Authors: HUANG, Sheng, Thakor, Anjan
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2010
• 主題: Finance and Financial Management; Portfolio and Security Analysis
• 在線閱讀: https://ink.library.smu.edu.sg/lkcsb_research/3183; https://www.ccfr.org.cn/cicf2010/papers/20091210174049.pdf
• 機構: Singapore Management University

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...