Trust, buybacks and equity issues
In this paper, we find that public trust has a significant positive impact on short- and long-term excess returns after buyback announcements and equity issues. In addition to proxies for the likelihood of undervaluation (for buybacks) and overvaluation (for equity issues), the trust variable is the...
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2018
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sg-smu-ink.soa_research-28872020-05-28T07:15:26Z Trust, buybacks and equity issues HUANG, Sterling VERMAELEN, Theo In this paper, we find that public trust has a significant positive impact on short- and long-term excess returns after buyback announcements and equity issues. In addition to proxies for the likelihood of undervaluation (for buybacks) and overvaluation (for equity issues), the trust variable is the most robust predictor. We also find that stated motivations for buybacks such as “undervaluation” are more credible in counties with high trust levels. 2018-11-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/soa_research/1860 https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=2887&context=soa_research http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection School Of Accountancy eng Institutional Knowledge at Singapore Management University Buybacks Equity Issues Market Timing Trust Accounting |
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Singapore Management University |
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SMU Libraries |
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Singapore |
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| language |
English |
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Buybacks Equity Issues Market Timing Trust Accounting |
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Buybacks Equity Issues Market Timing Trust Accounting HUANG, Sterling VERMAELEN, Theo Trust, buybacks and equity issues |
| description |
In this paper, we find that public trust has a significant positive impact on short- and long-term excess returns after buyback announcements and equity issues. In addition to proxies for the likelihood of undervaluation (for buybacks) and overvaluation (for equity issues), the trust variable is the most robust predictor. We also find that stated motivations for buybacks such as “undervaluation” are more credible in counties with high trust levels. |
| format |
text |
| author |
HUANG, Sterling VERMAELEN, Theo |
| author_facet |
HUANG, Sterling VERMAELEN, Theo |
| author_sort |
HUANG, Sterling |
| title |
Trust, buybacks and equity issues |
| title_short |
Trust, buybacks and equity issues |
| title_full |
Trust, buybacks and equity issues |
| title_fullStr |
Trust, buybacks and equity issues |
| title_full_unstemmed |
Trust, buybacks and equity issues |
| title_sort |
trust, buybacks and equity issues |
| publisher |
Institutional Knowledge at Singapore Management University |
| publishDate |
2018 |
| url |
https://ink.library.smu.edu.sg/soa_research/1860 https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=2887&context=soa_research |
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