Stock authorizations: A sequential equilibrium analysis |
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| Authors: | Narayanan Jayaraman Thomas Noe |
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| Institution: | (1) College of Management, Georgia Institute of Technology, 30332 Atlanta, GA;(2) Department of Finance, College of Business, Georgia State University, 30303 Atlanta, GA |
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| Abstract: | We develop a sequential equilibrium model of the common stock authorization process. We provide conditions under which actions
that increase the number of slack shares, such as stock authorizations, generate negative announcement effects. |
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| Keywords: | stock authorization sequential equilibrium model slack shares negative announcement effects |
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