کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1017570 940306 2014 8 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Repurchases of convertible preferred stock and shareholder wealth
ترجمه فارسی عنوان
بازپرداخت سهام ترجیحی قابل تبدیل و ثروت سهامداران
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی

In this paper we provide the first comprehensive examination of the stock price reaction to announcements of convertible preferred stock repurchases over the 1981 to 2005 period. We document a positive and significant average common stock abnormal return of 3.27% around announcements of these repurchases. We test signaling and free cash flow explanations for the observed wealth effects by studying abnormal returns and changes in operating performance around repurchase announcements. We find that abnormal returns are positively related to size of repurchases and managerial ownership. We find no evidence of higher stock price reactions for low-q and high free cash flow firms. In addition, we find significant improvements in accounting profitability subsequent to repurchases, but not for low-q firms. Collectively, our results are most consistent with the signaling hypothesis.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Business Research - Volume 67, Issue 4, April 2014, Pages 623–630
نویسندگان
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