Bonaimé, Alice Adams; Öztekin, Özde; Warr, Richard S. - In: Journal of Corporate Finance 26 (2014) C, pp. 182-200
We evaluate motives for share repurchases using a unified framework where a firm has a target capital structure and has equity that can be mispriced. We document that capital structure adjustments are a value-increasing motive for repurchases and that the extent to which adjusting capital...