Global ETD Search
Search theses and dissertations gathered from participating repositories worldwide. Every result links back to the library that holds it. No account is needed.
Results
Showing 1 to 20 of 32 for “"Repurchases"”.
-
Corporate bond repurchases and earnings management
… to manage earnings. Using a sample of 778 bond repurchases from 1994 to 2011, I find that firms record larger extinguishment gains when earnings are (i) short of analysts' forecasts, or (ii) low relative to the prior year's earnings. Furthermore, the effect is more pronounced after the …
-
Essays in share repurchases of the UK
The thesis is centred on the open market share repurchases of the UK that were undertaken in the period 1985-2014. The investigation has been conducted through the production of three independent empirical essays, which individually focus on the different aspects related to repurchases. Thus, upon …
-
Share repurchases in South Africa : reasons and returns
Share repurchases have long been permitted in the United States of America, but it is only relatively recently that they have become a frequently-used means of returning funds to shareholders in that country. In other countries, it was also only relatively recently that share repurchases were even …
-
Open Market Share Repurchases in Europe: A Cross Country Analysis
… thesis addresses the topic of open market share repurchases in Europe over the period 1997 to 2006. This thesis strives to document and clarify the managerial motives as well as the market perception and respective reaction to open market share repurchases, in a cross country framework. Therefore …
-
Political connections and corporate activities : seasoned equity offerings, share repurchases, and M&A
… are i) seasoned equity offerings, ii) share repurchases, and iii) mergers and acquisitions. First, the results of the study show the impact of political connection on seasoned equity offerings. Using seasoned equity offerings (SEOs) from 2005 to 2017 in the USA, the study shows that political …
-
Optimal capital structure and share repurchases: a case study of Anglo American Plc
… in 2008. While management stated that share repurchases would only be done in the interest of shareholders, the repurchase program was disastrous for shareholder value. Management also stated that share repurchases provide the firm with flexibility regarding its capital structure. We …
-
An empirical study of equity repurchase decisions and market reaction
… managements’ motivations behind corporate equity repurchases in the open market, via private repurchase, or through self tender offer. The hypotheses concerning motivations for stock repurchases investigated in this dissertation include (1) signalling undervaluation of stock prices; (2) free cash …
-
Detecting Earnings Information in Repurchase Announcements using the Luck of the (Double) Irish
… a regulation that made tax haven-using firms’ repurchases more costly as a quasi-natural experiment, I find positive post-repurchase-announcement revisions in earnings expectations for firms using “Double Irish” offshore tax avoidance structures. These results are robust to falsification tests, …
-
Essays in empirical corporate finance and investment
… ownership mitigates the problem of conducting repurchases through Accelerated Share Repurchases (ASR) for the purposes of EPS manipulation in Chapter 3, and whether payout choices affect executive compensation decisions in Chapter 4. Moreover, Chapter 5 explores machine learning algorithms with …
-
Inter-relationship between the capital structure and distribution policies of companies listed on the JSE
… the threshold effect did not affect share repurchases over the period 1999 to 2017. Furthermore, the results of the model of choice revealed that the choice between the dividend payments, both (dividend payments and the repurchase of shares) or none (neither dividend payments nor share …
-
Three Essays on Fiscal Stimulus, Corporate Policies, and the Local Economy
… For example, total dividends and share repurchases by S&P 500 firms reached a record $1.57 trillion in 2024, up from roughly $100 billion in the early 1990s. This rapid increase in payouts raises natural questions: where do these payout proceeds ultimately flow? How do they affect the …
-
Essays on the financial behavior of corporations and households
… have in explaining the surge in corporate share repurchases in the mid 1990s. Corporations may opt to fund options with repurchased shares to avoid the immediate dilution of earnings per share. Whether the top executives receive stock-based compensation may also influence distribution decisions. …
-
Three Essays on Corporate Governance and Institutional Investors
… decrease R&D, capital expenditures, stock repurchases, and executive compensation. Following these changes, there is an improvement in profitability. The second essay investigates the optimal contract with an informed money manager. Motivated by simple structure of portfolio managers' …
-
Three Essays in Financial Economics
… liquidity in the execution of open-market share repurchases in the UK which is the most active market within the EU for this payout method. Using a unique hand collected data set from Bloomberg Professionals, we find that the execution of share repurchases does not depend on the long-term …
-
The dividend initiation decision : theory and evidence
… all excess cash is disgorged via stock repurchases that elicit no price reactions. The theoretical model generates results consistent with many stylized facts related to dividend initiations, including: a positive announcement effect associated with a dividend initiation; a larger (in …
-
Share buybacks
… south Africa was in good company in prohibiting repurchases of shares in general. Almost every state all over the world restricted share buybacks to the extent that they hardly ever took place. Off course there was one major exception: the United States of America. After following the early …
-
“Because I Care I risk”: How CEO Free Market Orientation Affects the Extent and Type of Income Smoothing
… strategies (real activities, accretive stock repurchases, or discretionary accounting accruals), free market-oriented CEOs not only display their ability to take greater risks but also their focus on the primacy of current shareholder interests over that of other firm stakeholders.</p>
-
The buyback anomaly and using the undervaluation index on the Johannesburg Stock Exchange
… of an open market share repurchase. 454 share repurchases across 160 companies were included in the total sample over the period January 2003 to December 2021. Using event study methodology, the buyback anomaly survives the recently developed Fama and French five-factor model: open market share …
-
The viability of the REIT structure as a vehicle for real estate development
… the disposition or acquisition of assets, share repurchases, and lastly, the solicitation of capital. The REITs profiled in this thesis are manufacturers of real estate assets, which are focused on value creation through development. This paper will: 1. focus on the application of the REIT …
-
Essays on the term structure of equity returns
… to the fact that cash flows may be returned as repurchases instead of dividends.
Page 1 of 2