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Crash risk and conservatism : evidence from Borsa Istanbul

Toksoz, Tuba - In: Borsa Istanbul Review 24 (2024) 4, pp. 787-796

This study assesses the relationship between the likelihood of future stock price crashes and conservatism … reveals that firms with a greater degree of conservatism witness a significant reduction in crash risk after accounting for … the literature on conservatism, revealing that conservatism diminishes the ability of managers to withhold unfavorable …

Persistent link: https://www.econbiz.de/10014635404

A Model of Strategic Stock Buybacks

Chen, Alvin - 2020

This paper studies the authorization and execution of buybacks in a Kyle micro-structure setting with two informed parties: a speculator who trades on his own account and a manager who implements buybacks for the firm. Buybacks introduce two opposing economic forces. On the one hand, informed...

Persistent link: https://www.econbiz.de/10012841170

Buyback Monitor January 2010 : Corporate Stock Buyback Profits of 280 Firms 2000-2009

Gumport, M. A. - 2010

“Modern” accounting adheres to 15th century conventions in maintaining that corporate stock repurchases never result in a profit or loss for a firm. In actual practice, however, few purely financial decisions rival stock repurchases in their bearing on the well-being of shareholders. Because...

Persistent link: https://www.econbiz.de/10013149526

Accounting Rules? Stock Buybacks and Stock Options : Additional Evidence

Griffin, Paul A. - 2010

This paper finds that CEO stock options influence the choice, amount, and timing of funds distributed as a buyback. These results favor a managerial opportunism motive for buybacks over other theories and support two key research expectations - that buybacks impose option-induced agency costs on...

Persistent link: https://www.econbiz.de/10013141482

The Non-Linear Impact of Share Repurchases on Liquidity : The Case of Listed Companies in Thailand

Thanatawee, Yordying - 2016

Research aims: The purpose of this paper is to examine the impact of open market share repurchases on stock liquidity of listed companies in Thailand.Design/ Methodology/Approach: The sample includes 3,055 actual share repurchases made by 75 listed firms in the Stock Exchange of Thailand (SET)...

Persistent link: https://www.econbiz.de/10012995938

Is Price Support for Overvalued Equity a Motive for Increasing Share Repurchases?

Liu, Harrison - 2016

Prior research shows that companies repurchase stock during quarters with low returns, presumably because the stock is undervalued. We focus on repurchase increases and investigate another motive: Are repurchases increased to provide price support for a stock that, despite recent low returns,...

Persistent link: https://www.econbiz.de/10013007436

Volatility and the Buyback Anomaly

Evgeniou, Theodoros - 2017

The buyback anomaly survives when using the five factor Fama and French (2015) and the four factor Stambaugh and Yuan (2016) models: buyback announcements are followed by positive long-term excess returns that are positively related to (idiosyncratic) volatility, inconsistent with the low...

Persistent link: https://www.econbiz.de/10012969684

Can Price Movement Toward Equilibrium Overshoot? Evidence from Share Repurchases and Subsidiary Selling

Wang, C. Edward - 2019

If a firm repurchases its own shares to signal that they are undervalued then the stock price should increase to its intrinsic level. However, it is not clear whether the price should monotonically increase to its intrinsic level or instead could reach equilibrium through a more dynamic process...

Persistent link: https://www.econbiz.de/10012906035

Share Repurchases, Risk, and Underpricing

Valta, Philip; Jakob, Sascha - 2021

This paper analyzes changes in firms' cash flows and discount rates around share repurchase announcements. Both cash flow and discount rate volatility decrease significantly after repurchase announcements. The decrease in volatility is smallest for firms that are likely to be underpriced and...

Persistent link: https://www.econbiz.de/10013218239

Stock Price Reactions to Share Buyback Announcements

Arora, Ashish - 2012

Share Buyback is one of the tools introduced in Indian financial scenario recently. Many Indian companies have gone repeatedly for the usage of this tool in order to enhance their basic value. The post buyback impact on share prices has been measured by taking a sample of companies which went...

Persistent link: https://www.econbiz.de/10013099889