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- W3125583558 abstract "Share buybacks have become common practice across U.S corporations. This paper shows that firms finance these operations mostly through newly issued corporate bonds, and that the exogenous variation in the cost of debt -due to innovations in monetary policy- is key in explaining managers' incentives to repurchase their own shares. Under our identification strategy, we find that firms are more likely to repurchase in periods of accommodative monetary policy when the yield on bond adjusts in the same direction. This behavior has macroeconomic implications as it diverts resources from investment and employment, thus reducing the transmission of accommodative monetary policy at firm-level." @default.
- W3125583558 created "2021-02-01" @default.
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- W3125583558 date "2020-01-01" @default.
- W3125583558 modified "2023-09-25" @default.
- W3125583558 title "Share Buybacks, Monetary Policy and the Cost of Debt" @default.
- W3125583558 doi "https://doi.org/10.2139/ssrn.3644859" @default.
- W3125583558 hasPublicationYear "2020" @default.
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