the hypothesis that dividends and repurchases are perfect substitutes. They are also inconsistent with the prediction that … predicts that dividends are used to disburse permanent, and repurchases transitory, earnings. …We analyze how the introduction of repurchases in 1998, and a major tax reform in 2001, affected the payout policy of …

for the EU to better insulate managers from shareholder pressure. But the evidence offered---rising levels of repurchases … and dividends---is incomplete and misleading: it ignores large offsetting equity issuances that move capital from …

the notion that both dividends and repurchases are paid when firms have excess cash flows in order to reduce potential …’ financial flexibility. It seems that young, risky firms prefer to use repurchases rather then dividends. We also observe that … many large, established firms and those with more volatile earnings substitute repurchases for dividends. We believe that …

The average annual inflation-adjusted amount paid out through dividends and repurchases by public industrial firms is …

relevance condition fulfillment. The results indicate that big private Colombian exporting firms decree dividends as a way to …