We use new data from SEC filings to investigate how S&P 500 firms execute their open market repurchase programs. We find that smaller S&P 500 firms repurchase less frequently than larger firms, and at a price which is significantly lower than the average market price. Their repurchase activity...

This report updates and expands earlier studies to look at the profitability of $349.7 billion of buybacks executed from 2000 through early 2010 by a sample of 275 corporations. The sample companies, drawn mainly from the technology sector, enjoy total equity market value today of $945.6...

In practice, open-market stock repurchase programs outnumber self tender offers by approximately ten to one. This evidence is puzzling given that tender offers are more efficient in disbursing free cash and in signaling undervaluation - the two main motivations suggested in the literature for...

This study seeks to regress the forward P/Es on firms' fundamentals as measured on global market basis. Starting from theoretical premises (DDM), the paper develops a linear multivariate model in order to capture (for US, Australia / New Zeland / Canada, Europe, Japan and Emerging Markets quoted...

The Study collects panel data of listed firms in New York Stock and Shanghai Stock Exchanges during 1992 to 2008. The data are used to perform panel regression estimates for firms in each stock market. The main purpose is to compare the decision on dividend payout of listed firms in the two...

Few purely financial decisions rival stock repurchase programs in their bearing on the well-being of shareholders. Absent better financial reports on buybacks, an occasional tally of results seems appropriate. The current “Monitor” extends an earlier study back to 2000 to look at...

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...

This study aims to analyze and empirically test the significance of partial and simultaneous effect of insider ownership, DER, ROE, firm size, IOS, PER, and EPS dividend payout ratio in manufacturing companies in Indonesia Stock Exchange of 2008-2013 period. The results showed that partially...

This study aims to examine the relationship of accounting conservatism, managerial ownership, dividend policy, firm size, leverage, price earnings ratio, price to book value and earnings per share to earnings management. The analysis technique used is multiple linear regressions. The data used...

We examine the impact of actual share repurchases on stock prices using several measures of price efficiency and manually collected data on U.S. repurchases. We find that share repurchases make prices more efficient and reduce idiosyncratic risk. Further analyses reveal that the effects are...