Economic conditions and the motives for multiple open-market share buybacks |
| |
Authors: | Damien Farrugia Alfred Yawson |
| |
Institution: | a GM Holden, P.O. Box. 1714, Melbourne, VIC 3001, Australia b School of Economics, Finance, and Marketing, Royal Melbourne Institute of Technology (RMIT) University, Melbourne, VIC 3001, Australia c The Business School, University of Adelaide, Adelaide, SA 5005, Australia |
| |
Abstract: | We examine the impact of business conditions on the frequency of share repurchases. The results generally indicate that share repurchase programs are positive and statistically significant in HIGH economic states relative to the other economic states. Segmenting the data into frequency of repurchases, we find evidence suggesting different economic states exert influence on frequent and infrequent but not occasional repurchase programs. Further, we show that firms that institute frequent share repurchasing programs experience stronger returns across different business cycles compared to infrequent and occasional share repurchasers. |
| |
Keywords: | Multiple buyback Motivation Repurchase Shares |
本文献已被 ScienceDirect 等数据库收录! |
|