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What Factors Affect Magnitude of Sto...

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What Factors Affect Magnitude of Stock Repurchase Programs?

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	What Factors Affect Magnitude of Stock Repurchase Programs?/
Author:	Ryabinin, Vitaliy.
Description:	1 online resource (35 pages)
Notes:	Source: Masters Abstracts International, Volume: 57-02.
Contained By:	Masters Abstracts International57-02(E).
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9780355563108

What Factors Affect Magnitude of Stock Repurchase Programs?
Ryabinin, Vitaliy.

What Factors Affect Magnitude of Stock Repurchase Programs? - 1 online resource (35 pages)

Source: Masters Abstracts International, Volume: 57-02.

Thesis (M.S.)

Includes bibliographical references

This paper investigates effects of firm size, cash flow, investment, valuation, and stock performance on the magnitude of share repurchase activity. I find that the number of shares repurchased is disconnected from the motivation to initiate a repurchase program, is not affected by an extent of stock undervaluation, and is mostly dependent on firm's size. Furthermore, I find that managers have a "pecking order" among fundamentals considered when determining repurchase amount. I utilize an instrumental variable based on mutual fund price pressure that captures exogenous price changes and is unrelated to firm fundamentals. The instrumental variable allows to assess a degree of stock undervaluation and address endogeneity problem of using share price underperformance as a proxy for misvaluation. Furthermore, to ensure robustness of the findings, I use a quasi natural experiment setting to analyze a difference in repurchase activity during normal economic environment and 1987--1993 financial distress.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355563108Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

What Factors Affect Magnitude of Stock Repurchase Programs?
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100 1 $a Ryabinin, Vitaliy. $3 1181132
245 1 0 $a What Factors Affect Magnitude of Stock Repurchase Programs?
264 0 $c 2017
300 $a 1 online resource (35 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Masters Abstracts International, Volume: 57-02.
500 $a Adviser: Yijia Zhao.
502 $a Thesis (M.S.) $c University of Massachusetts Boston $d 2017.
504 $a Includes bibliographical references
520 $a This paper investigates effects of firm size, cash flow, investment, valuation, and stock performance on the magnitude of share repurchase activity. I find that the number of shares repurchased is disconnected from the motivation to initiate a repurchase program, is not affected by an extent of stock undervaluation, and is mostly dependent on firm's size. Furthermore, I find that managers have a "pecking order" among fundamentals considered when determining repurchase amount. I utilize an instrumental variable based on mutual fund price pressure that captures exogenous price changes and is unrelated to firm fundamentals. The instrumental variable allows to assess a degree of stock undervaluation and address endogeneity problem of using share price underperformance as a proxy for misvaluation. Furthermore, to ensure robustness of the findings, I use a quasi natural experiment setting to analyze a difference in repurchase activity during normal economic environment and 1987--1993 financial distress.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
650 4 $a Commerce-Business. $3 1179465
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
690 $a 0505
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a University of Massachusetts Boston. $b Finance. $3 1181128
773 0 $t Masters Abstracts International $g 57-02(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10641862 $z click for full text (PQDT)

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