Matches in SemOpenAlex for { <https://semopenalex.org/work/W2019416783> ?p ?o ?g. }
- W2019416783 abstract "We examine the market reaction to announcements of actual share repurchases, events that cluster both within and across firms. Using a multivariate regression model, we find that the market reacts positively to the events, indicating that these announcements provide additional information to that contained in the initial repurchase intention announcements. Further, the market response is especially favorable for firms with overinvestment problems as measured by Tobin's q, and is not related to signaling costs as measured by the size of the repurchase. Our findings generally support the hypothesis that share repurchases reduce the agency costs of excessive free cash flow." @default.
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- W2019416783 date "2008-08-05" @default.
- W2019416783 modified "2023-09-28" @default.
- W2019416783 title "Share Repurchases, the Clustering Problem, and the Free Cash Flow Hypothesis" @default.
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