The option and decision to repurchase stock

Sonika, Rohit and Carline, Nicholas and Shackleton, Mark (2014) The option and decision to repurchase stock. Financial Management, 43 (4). pp. 833-855. ISSN 0046-3892

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Abstract

Open market repurchase programs provide firms with the flexibility to manage the cash and risk aspects of their operations. This paper therefore aims to determine whether cash and risk matter only at the implementation stage in the sequence of a repurchase program: announcement, implementation, and withdrawal. We do find that temporary cash and risk measures only affect the implementation decision, while partially negating the traditional signaling effect around program announcement. The relevance of the flexibility afforded by the early announcement of a repurchase program is also evidenced by a steadily increasing time-to-event probability of repurchase implementation and program withdrawal.

Item Type:
Journal Article
Journal or Publication Title:
Financial Management
Uncontrolled Keywords:
/dk/atira/pure/subjectarea/asjc/1400/1402
Subjects:
ID Code:
69214
Deposited By:
Deposited On:
14 Apr 2014 14:59
Refereed?:
Yes
Published?:
Published
Last Modified:
18 Nov 2020 02:35