Purpose – We know that estimates of terminal value of long-term investment horizons are biased. Unbiased estimates exist only for investment horizon of one time-period. The purpose of this paper is to suggest a method based on the arithmetic mean in order to obtain unbiased estimates for the...

Purpose – We know that estimates of terminal value of long‐term investment horizons are biased. Unbiased estimates exist only for investment horizon of one time‐period. The purpose of this paper is to suggest a method based on the arithmetic mean in order to obtain unbiased estimates for...

The purpose of this paper is to show that different methodologies may lead to different implications about the validity of the pecking order theory. Using data from Greek firms as a starting-point, the paper first investigates whether they follow the financing pattern implied by the pecking...

This study utilizes quantile regressions to investigate the effect of the determinants of share repurchases on firms at different points of the share repurchases distribution. Empirical results from a large panel of NYSE repurchasing firms, document an asymmetric effect of several determinants...