Economic Conditions and the Motives for Multiple Open-Market Share Buybacks
2011 (English)In: Research in International Business and Finance, ISSN 0275-5319, Vol. 25, no 2, 156-168 p.Article in journal (Refereed) Published
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.
Place, publisher, year, edition, pages
2011. Vol. 25, no 2, 156-168 p.
Multiple buyback; Motivation; Repurchase; Shares
IdentifiersURN: urn:nbn:se:su:diva-63913DOI: 10.1016/j.ribaf.2011.01.003OAI: oai:DiVA.org:su-63913DiVA: diva2:453453