Dividends, Share Repurchases, And The Substitution Hypothesis  

Oleh:

Michaely, Roni ; Grullon, Gustavo

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 57 no. 4 (2002), page 1649-1684.
Topik: hypothesis; studies; dividens; securities buybacks; correlation analysis; statistical analysis
Fulltext: p 1649.pdf (420.58KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.6 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

We show that repurchases have not only became an improtant form of payout for U. S. corporations, but also that firms finance their share repurchases with funds that otherwise would have been used to increase dividneds. We find that younf firms have a higher propensity to pay cash through repurchases than they did in the past and that repurchases have become the preferred form of intiating a cash payment. Although large, established firms have generally not cut their dividends they also show a higher propensity to pay out cash through repurchases. These findings indicate that firms have gradually substitued repurchases for dividends. Our results also suggest that before 1983, regulatory constraints inhibited firms from aggresively repurchasing shares.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali