Show simple item record

Do Corporate Managers Know When Their Shares Are Undervalued? New Evidence Based on Actual (and Not Just Announced) Stock Buybacks

dc.contributor.authorDittmar, Amy
dc.contributor.authorField, Laura Casares
dc.date.accessioned2017-02-02T22:02:11Z
dc.date.available2018-01-08T19:47:53Zen
dc.date.issued2016-12
dc.identifier.citationDittmar, Amy; Field, Laura Casares (2016). "Do Corporate Managers Know When Their Shares Are Undervalued? New Evidence Based on Actual (and Not Just Announced) Stock Buybacks." Journal of Applied Corporate Finance 28(4): 73-85.
dc.identifier.issn1078-1196
dc.identifier.issn1745-6622
dc.identifier.urihttps://hdl.handle.net/2027.42/136055
dc.publisherElsevier/North‐Holland
dc.publisherWiley Periodicals, Inc.
dc.titleDo Corporate Managers Know When Their Shares Are Undervalued? New Evidence Based on Actual (and Not Just Announced) Stock Buybacks
dc.typeArticleen_US
dc.rights.robotsIndexNoFollow
dc.subject.hlbsecondlevelFinance
dc.subject.hlbtoplevelBusiness and Economics
dc.description.peerreviewedPeer Reviewed
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/136055/1/jacf12205.pdf
dc.identifier.doi10.1111/jacf.12205
dc.identifier.sourceJournal of Applied Corporate Finance
dc.identifier.citedreferenceEckbo, E., Masulis, R., Norli, O., 2000, “ Seasoned Public Offerings: Resolution of the ‘New Issues Puzzle’,” Journal of Financial Economics 56, 251 – 291.
dc.identifier.citedreferenceFama, E., French, K., 1993, “ Common Risk Factors in the Returns on Stocks and Bonds.,” Journal of Financial Economics 33, 3 – 56.
dc.identifier.citedreferenceGrullon, G., Michaely, R., 2002, “ Dividends, Share Repurchases, and the Substitution Hypothesis,” Journal of Finance 57, 1649 – 1684.
dc.identifier.citedreferenceIkenberry, D., Lakonishok, J., Vermaelen, T., 1995, “ Market Underreaction to Open Market Share Repurchases,” Journal of Financial Economics 39, 181208.
dc.identifier.citedreferenceIkenberry, D., Lakonishok, J., Vermaelen, T., 2000a, “ Stock Repurchases in Canada: Performance and Strategic Trading,” Journal of Finance 55, 2373 – 2397.
dc.identifier.citedreferenceIkenberry, D., Lakonishok, J., Vermaelen, T., 2000b, “ What Do We Know About Stock Repurchases? ” Journal of Applied Corporate Finance 13, 31 – 51.
dc.identifier.citedreferenceJagannathan, M., Stephens, C., Weisbach, M., 2000. Financial flexibility and the choice between dividends and stock repurchases. Journal of Financial Economics 57, 355384.
dc.identifier.citedreferenceKahle, K., 2002, “ When a Buyback Isn’t a Buyback: Open‐Market Repurchases and Employee Options,” Journal of Financial Economics 63, 235261.
dc.identifier.citedreferenceKothari S.P., Warner, J., 2006, Econometrics of Event Studies, in Eckbo, B. E. (Ed.), Handbook of Corporate Finance: Empirical Corporate Finance, Volume A, Elsevier/North‐Holland, Amsterdam, 436.
dc.identifier.citedreferenceLakonishok, J., Vermaelen, T., 1990, “ Anomolous Price Behavior Around Repurchase Tender Offers,” Journal of Finance 45, 455477.
dc.identifier.citedreferenceMassa, M., Rehman, Z., Vermaelen, T., 2007, “ Mimicking Repurchases,” Journal of Financial Economics 84, 624666.
dc.identifier.citedreferencePeyer, U., Vermaelen, T., 2009, “ The Nature and Persistence of Buyback Anomalies,” Review of Financial Studies 22, 16931745.
dc.identifier.citedreferenceSchultz, P., 2003, “ Pseudo Market Timing and the Long‐Run Performance of IPOs,” Journal of Finance 58, 483517.
dc.identifier.citedreferenceSeyhun, H., 1986, “ Insider’s Profits, Costs of Trading, and Market Efficiency,” Journal of Financial Economics 16, 189212.
dc.identifier.citedreferenceStephens, C., Weisbach, W., 1998, “ Actual Share Reacquisitions in Open‐Market Repurchase Programs,” Journal of Finance 53, 313 – 334.
dc.identifier.citedreferenceBaker, M., Wurgler, J., 2000, “ The Equity Share in New Issues and Aggregate Stock Returns,” Journal of Finance 55, 2219 – 2257.
dc.identifier.citedreferenceBens, D., Nagar, V., Skinner, D., Wong, M. H. F., 2003, “ Employee Stock Options, EPS Dilution, and Stock Repurchases,” Journal of Accounting and Economics 36, 5190.
dc.identifier.citedreferenceBrav, A., Graham, J., Harvey, C., Michaely, R., 2005, “ Payout Policy in the 21st Century,” Journal of Financial Economics 77, 483527.
dc.identifier.citedreferenceButler, A., Grullon, G., Weston, J., 2005, “ Stock Market Liquidity and the Cost of Issuing Equity,” Journal of Financial and Quantitative Analysis 40, 331 – 348.
dc.identifier.citedreferenceDittmar, A., 2000, “ Why Do Firms Repurchase Stock? ” Journal of Business 73, 331355.
dc.identifier.citedreferenceDittmar, A., Dittmar, R., 2008, “ The Timing of Financing Decisions: An Examination of the Correlation in Financing Waves,” Journal of Financial Economics 90, 59 – 83.
dc.identifier.citedreferenceDittmar, A., Field, L., 2015, “ Can Managers Time the Market? Evidence Using Repurchase Price Data,” Journal of Financial Economics 115, 261282.
dc.owningcollnameInterdisciplinary and Peer-Reviewed


Files in this item

Show simple item record

Remediation of Harmful Language

The University of Michigan Library aims to describe library materials in a way that respects the people and communities who create, use, and are represented in our collections. Report harmful or offensive language in catalog records, finding aids, or elsewhere in our collections anonymously through our metadata feedback form. More information at Remediation of Harmful Language.

Accessibility

If you are unable to use this file in its current format, please select the Contact Us link and we can modify it to make it more accessible to you.