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

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

This paper develops and tests a new theoretical explanation for why a firm conducts open-market stock repurchases. Investors may disagree with the manager about the firm’s investment projects. A repurchase causes a change in the investor base as investors who are more likely to disagree with the man...

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Bibliographic Details
Main Authors: HUANG, Sheng, THAKOR, Anjan V.
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2011
Subjects:
stock repurchase
corporate payout
agreement
investor heterogeneity
Finance and Financial Management
Portfolio and Security Analysis
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/3184
https://ink.library.smu.edu.sg/context/lkcsb_research/article/4183/viewcontent/HuangSZheInvestorRepurchase_06_2010.pdf
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Institution: Singapore Management University
Language: English

Internet

https://ink.library.smu.edu.sg/lkcsb_research/3184
https://ink.library.smu.edu.sg/context/lkcsb_research/article/4183/viewcontent/HuangSZheInvestorRepurchase_06_2010.pdf

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