Investor heterogeneity, investor-management disagreement and share repurchases
This paper develops and tests a new theoretical explanation for 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 most likely to disagree with the manager tender their shares. T...
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| Main Authors: | , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2013
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/3292 https://ink.library.smu.edu.sg/context/lkcsb_research/article/4291/viewcontent/Sheng_InvestorHeterogeneity_av.pdf |
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| Institution: | Singapore Management University |
| Language: | English |