Managerial trustworthiness and buybacks

• Main Authors: HUANG, Sterling, SNELLMAN, Kaisa, VERMAELEN, Theo
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2022
• 主題: Buybacks; Market Timing; CEO Trustworthiness; Buyback Motivations; Accounting; Corporate Finance
• 在線閱讀: https://ink.library.smu.edu.sg/soa_research/1888; https://ink.library.smu.edu.sg/context/soa_research/article/2914/viewcontent/Managerial_Trustworthiness_and_Buybacks_2020_final.pdf

CEO trustworthiness is positively related to long-term excess returns after buyback announcements. When the CEO is trustworthy, statements that the stock is undervalued are more credible. CEO trustworthiness is initially measured by the extent to which people in the county where the company headquar...