We show that repurchases have not only became an important form of payout for US
corporations, but also that firms finance their share repurchases with funds that otherwise …

In this article, I investigate the relation between stock repurchases and distribution,
investment, capital structure, corporate control, and compensation policies over the 1977–96 …

Contrary to the implications of many payout theories, we find that announcements of open‐
market share repurchase programs are not followed by an increase in operating …

We show that the incentive for managers to build their reputations distorts firms' investment
policies in favor of relatively safe projects, thereby aligning managers' interests with those of …

We examine how corporate payout policy is affected by managerial stock incentives using
data on more than 1,100 nonfinancial firms during 1993–97. We find that management stock …

We compare three forms of common stock repurchases. Dutch‐auction self‐tender offers
and open‐market share repurchase programs are weaker signals of stock undervaluation …

We present a synthesis of academic research on corporate payout policy grounded in the
pioneering contributions of Lintner (1956) and Miller and Modigliani (1961). We conclude …

This paper develops a theory of choice among alternative procedures for distributing cash
from corporations to shareholders. Despite the preferential tax treatment of capital gains for …

Earnings management literature attempts to understand why managers manipulate
earnings. Our paper presents a review of growing body of literature on motivations for the …

This paper reports anomalous price behavior around repurchase tender offers. Buying
shares before the expiration date of a repurchase tender offer and tendering to the firm …