An examination of the wealth effects of share repurchases on bondholders

被引：7

作者：

Alderson, Michael J. ^{[1
]}

Halford, Joseph T. ^{[2
]}

Sibilkov, Valeriy ^{[3
]}

机构：

[1] St Louis Univ, St Louis, MO 63103 USA

[2] Univ Nevada, Reno, NV 89557 USA

[3] Univ Wisconsin, Milwaukee, WI 53201 USA

来源：

JOURNAL OF CORPORATE FINANCE | 2020年 / 65卷

关键词：

Payout policy; Share repurchases; Signaling; Agency conflicts; Managerial incentives; COMMON-STOCK REPURCHASES; CORPORATE-DEBT; RETURNS; REDISTRIBUTIONS; COMPENSATION; HOLDINGS; BUYBACK; COSTS; POWER; CEO;

D O I：

10.1016/j.jcorpfin.2019.101499

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

While reports in the financial press suggest that share repurchases are harmful to bondholders, academic studies report conflicting empirical evidence. Using newly available daily bond data (versus monthly data used in existing studies) and modern methods of analysis, we find no evidence of bondholder wealth expropriation. Merton (1974) model estimates of changes in the value of debt during share repurchases and changes in credit ratings following share repurchases produce no evidence of bondholder wealth expropriation. Overall, we find no evidence that repurchases measurably harm bondholders, suggesting concerns raised in the financial press are unfounded.

引用

页数：18

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