haku: @author Chowdhry, B. / yhteensä: 5
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| Tekijä: | Chowdhry, B. Nanda, V. |
| Otsikko: | Repurchase premia as a reason for dividends: a dynamic model of corporate payout policies |
| Lehti: | Review of Financial Studies
1994 : SUMMER, VOL. 7:2, p. 321-350 |
| Asiasana: | DIVIDENDS EARNINGS FINANCE |
| Kieli: | eng |
| Tiivistelmä: | The authors propose that it is precisely because firms' repurchases of their own stock through tender offers are associated with large stock-price increases that repearchases are unattractive as a means of distributing cash. As a result, firms distribute some cash in the form of dividends - despite the tax disadvantage - and carry the rst to future periods. However, when their stock is sufficiently undervalued, firms distribute all accumulated cash through stock repurchases. |
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