Actual Share Reacquisitions in Open-Market Repurchase Programs

Unlike Dutch auction repurchases and tender offers, open-market repurchase programs do not precommit firms to acquire a specified number of shares. In a sample of 450 programs from 1981 to 1990, firms on average acquire 74 to 82 percent of the shares announced as repurchase targets within three years of the repurchase announcement. We find that share repurchases are negatively related to prior stock price performance, suggesting that firms increase their purchasing depending on its degree of perceived undervaluation. In addition, repurchases are positively related to levels of cash flow, which is consistent with liquidity arguments.     

RISK DECISIONS FOR BEEF PRODUCTION SYSTEMS IN THE COLOMBIAN SAVANNAS

A beef simulation model was used to examine a range of production possibilities for increasing the output of extensive ranching systems in the tropical savannas of eastern Colombia through the use of sown grass-legume pastures of higher inherent digestibility than that of the native species. Generalised stochastic dominance was used to compare some promising alternatives with the unimproved savanna-based production system and with each other. As the planning horizon of the decision maker was reduced, so variability, measured as the coefficient of variation of output, increased significantly. The impact of risk on the long-term acceptability of a complete investment was limited.     

Immigration and the Australian Macroeconomy: Perspective and Prospective

Australia has long been a nation of immigrants. The economic purposes of migration and its economic consequences are major public policy issues. This selective review of research looks at the macroeconomic dimensions of this issue for Australia.     

Chambers as Educator and Mentor

Adopting a personal tone, this article explores Ray Chambers' impact on accounting and management education and through that his impact on accounting thought and practice. As mentor and colleague for over a quarter of a century, Chambers left many wonderful impressions, some of which are described here. The article describes some of the influences on the innovations and approaches of a great teacher. Familial and early working life experiences are shown to have greatly influenced his views on accounting, finance and management, and hence his innovations in accounting and management education at both the Sydney Technical College and the University of Sydney. His research, writings and teachings continually stressed the need to apply common sense to common experience. The article concludes by noting Chambers' perennial pursuit of seeking evidence to test his ideal solution to eradicate the follies and infelicities that plagued then (and still plague today) accounting thought and practice. Chambers regarded having such an ideal as the essence of being a researcher.