The objective of this paper is to examine the relation between share repurchases and stock options. In fact, certain studies demonstrate that the development of stock option plans since the beginning of the 1990s is also considered one explanation for the increase in equity programs for...

Empirical studies of open-market share repurchases in the U.S. typically find a mean abnormal return around the announcement day of about 3%. In Germany share repurchases were highly restricted before May 1998. Since then firms have repurchased shares in the open market more than 250 times....

Share repurchases were deregulated in Taiwan in 2000. The regulatory provisions and the government's stated aim of market stabilization provide a setting in which share repurchases are exclusively motivated by undervaluation. This study investigates if deregulation of share repurchases is an...

Im Zuge der Analyse jüngerer Finanzkrisen wird auch den Krisen der Vergangenheit vermehrte Aufmerksamkeit zuteil, so auch der deutschen Bankenkrise von 1931. Ein Phänomen, das dabei bisher wenig Beachtung fand, ist der massive Rückkauf eigener Aktien, der im Vorfeld der Krise insbesondere...

One of the most complex and controversial issues confronting the Financial Accounting Standards Board (FASB) over the last several years has been the accounting and financial reporting of stock options. In December 2004, the FASB issued Statement 123R, Share-Based Payment, in the hope that the...

Our paper provides evidence regarding the use of share repurchases as an earnings management mechanism in the presence of debt-financing constraints as well as the impact of these constraints on the use of accruals and other real earnings management techniques. We document that share repurchases...

N/A

This paper analyzes the change in tax preferences induced by the recent German corporate tax reform. The reform eliminates the imputation system and shifts the system towards a classical corporate tax system. However, financial preferences of corporations are largely unaffected if evaluated from...

Der vorliegende Beitrag untersucht anhand eines Wachstumsmodells die Entscheidungswirkungen der privaten Veräußerungsgewinnbesteuerung in verschiedenen Steuersystemen.Im Fall des Anteilshandels zwischen privaten Investoren induziert die Veräußerungsgewinnbesteuerung neben der...

Share repurchases are transactions which are supposed to cause a market reaction through a signaling approach. However looking only at cumulated abnormal returns (CARs) is insufficient and the results are sometimes contradictory. We introduce the concept of informativeness to assess if...