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What Factors Affect Magnitude of Sto...

Ryabinin, Vitaliy.

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What Factors Affect Magnitude of Stock Repurchase Programs?

Record Type:	Electronic resources : Monograph/item
Title/Author:	What Factors Affect Magnitude of Stock Repurchase Programs?/
Author:	Ryabinin, Vitaliy.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2017,
Description:	35 p.
Notes:	Source: Masters Abstracts International, Volume: 57-02.
Contained By:	Masters Abstracts International57-02(E).
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10641862
ISBN:	9780355563108

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

What Factors Affect Magnitude of Stock Repurchase Programs? - Ann Arbor : ProQuest Dissertations & Theses, 2017 - 35 p.

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

Thesis (M.S.)--University of Massachusetts Boston, 2017.

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.

ISBN: 9780355563108Subjects--Topical Terms:

542899
Finance.

What Factors Affect Magnitude of Stock Repurchase Programs?
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500 $a Source: Masters Abstracts International, Volume: 57-02.
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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.
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