We explore the distinguishing characteristics of firms that completed or stopped their repurchase programs. Our findings help further understanding the economic reasons why firms would stop buybacks. Based on our international sample of 818 completed and 101 stopped share repurchase programs...

I examine whether and to what extent tax uncertainty affects a firm's dividend payouts. Based on the argument that tax uncertainty impairs the persistence and predictability of after-tax cash flows, I hypothesize and find that firms with greater tax uncertainty exhibit a lower probability of...

This paper presents a simulative model of a financial market, based on a fully operating order book with limit and market orders. The heterogeneity of traders is characterized not only with regards to their trading rules, but also by introducing a behavioral individual risk aversion and a...

Purpose – This paper investigates the impact of market-level uncertainty on dividend and repurchase decisions. Design/methodology/approach – Using a large dataset over a nearly 50 year period, the author examines the choice to pay dividends and repurchase shares using logit and multinomial...

We study the effect of ambiguity — Knightian uncertainty — on payout policy. We find that firm-level ambiguity increases and accelerates payout, via both dividends and share repurchases. This positive effect of ambiguity is distinct from the known negative effect of risk on payout policy....

We propose a novel and numerically efficient quantification approach to forecast uncertainty of the real price of oil using a combination of probabilistic individual model forecasts. Our combination method extends earlier approaches that have been applied to oil price forecasting, by allowing...