Actual share reacquisitions in open-market repurchase programs

Article Abstract:

Unlike Dutch auction repurchases and tender offers, open-market repurchase programs do not precommit firms to acquire a specified number of shares. In a sample of 450 programs from 1981 to 1990, firms on average acquire 74 to 82 percent of the shares announced as repurchase targets within three years of the repurchase announcement. We find that share repurchases are negatively related to prior stock price performance, suggesting that firms increase their purchasing depending on its degree of perceived undervaluation. In addition, repurchases are positively related to levels of cash flow, which is consistent with liquidity arguments. (Reprinted by permission of the publisher.)

Research, Stock redemption

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The cash flow sensitivity of cash

Article Abstract:

A study is conducted on various manufacturing firms over the 1971 to 2000 period, to examine the cash flow sensitivity of cash and its relation with cash savings of the firm.

Cash flow

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Price discovery in the U.S. treasury market: the impact of orderflow and liquidity on the yield curve

Article Abstract:

The influence of price discovery on American treasury market is examined by focusing on co-ordination between yield curve, liquidity and orderflow.

Methods, Evaluation, Economic aspects, Treasury market, Resale price maintenance, Price maintenance

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