The real effects of share repurchases

被引：142

作者：

Almeida, Heitor ^{[1
]}

Fos, Vyacheslav ^{[2
]}

Kronlund, Mathias ^{[1
]}

机构：

[1] Univ Illinois, Champaign, IL 61820 USA

[2] Boston Coll, Carroll Sch Management, Chestnut Hill, MA 02467 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2016年 / 119卷 / 01期

关键词：

Share repurchases; Employment; Investment; Regression discontinuity; EARNINGS MANAGEMENT; CONSTRAINTS; FIRMS;

D O I：

10.1016/j.jfineco.2015.08.008

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We employ a regression discontinuity design to identify the real effects of share repurchases on other firm outcomes. The probability of share repurchases that increase earnings per share (EPS) is sharply higher for firms that would have just missed the EPS forecast in the absence of the repurchase, when compared with firms that "just beat" the EPS forecast. We use this discontinuity to show that EPS-motivated repurchases are associated with reductions in employment and investment, and a decrease in cash holdings. Our evidence suggests that managers are willing to trade off investments and employment for stock repurchases that allow them to meet analyst EPS forecasts. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：168 / 185

页数：18

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