Investor Heterogeneity, Investor-Management Disagreement, and Share Repurchases

• Main Authors: HUANG, Sheng, Thakor, Anjan
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2013
• 主題: stock repurchase; corporate payout; agreement; investor heterogeneity; Finance and Financial Management
• 在線閱讀: https://ink.library.smu.edu.sg/lkcsb_research/3488; https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1570485
• 機構: Singapore Management University

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...