The option and decision to repurchase stock
Sonika, Rohit; Carline, Nicholas F.; Shackleton, Mark B.
Date: 1 December 2014
Journal
Financial Management
Publisher
John Wiley and Sons Inc.
Publisher DOI
Abstract
Open-market repurchase programs provide firms with the flexibility to manage the cash and risk aspects of their operations. We examine at which stage cash and risk matter in the typical stages of a repurchase program: announcement, implementation, and withdrawal. Cash and risk considerations appear to matter only at the implementation ...
Open-market repurchase programs provide firms with the flexibility to manage the cash and risk aspects of their operations. We examine at which stage cash and risk matter in the typical stages of a repurchase program: announcement, implementation, and withdrawal. Cash and risk considerations appear to matter only at the implementation stage, and partially negate the traditional signaling effect around program announcement.
Finance and Accounting
Faculty of Environment, Science and Economy
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