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Share repurchases and intangible assets
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OA
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DOI：10.1016/S0165-4101(99)00020-8.png)
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摘要
En 中文
Firms with more intangible assets are more likely to repurchase shares and have more positive repurchase announcement returns, as predicted. Because intangibles generally are unrecognized, share repurchases represent a potential cost to an incomprehensive accounting model. Idle cash is positively related to repurchase likelihood and negatively related to announcement returns, as predicted. Contrary to predictions, general information asymmetry is negatively related to repurchase likelihood, but announcement returns are positively related, as predicted. Tests include controls for stock option plans, dividends, and book-to-market ratios, which generally are significant as predicted. Using change variables in the repurchase likelihood tests yields consistent inferences. (C) 1999 Elsevier Science B.V. All rights reserved.
Keyword:
capital markets
intangible assets
share repurchases
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期刊
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6.8
论文数:
1.5K
被引数:
1.7W
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STOCK-PRICE REACTIONS AS SURROGATES FOR THE NET CASH FLOW EFFECTS OF CORPORATE-POLICY DECISIONS
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