The cost of financial flexibility: Evidence from share repurchases

The cost of financial flexibility: Evidence from share repurchases

Over the last two decades, share repurchases have emerged as the dominant payout channel, offering a more flexible means of returning excess cash to investors. However, little is known about the costs associated with payout-related financial flexibility. Using a unique identification strategy, we do...

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Bibliographic Details
Main Authors: Bonaimé, Alice A., Hankins, Kristine W., Jordan, Bradford D.
Other Authors: Univ Arizona, Eller Coll Management
Language:en
Published: ELSEVIER SCIENCE BV 2016
Subjects:
Financial flexibility
Payout policy
Share repurchase
Earnings management
Corporate governance
Online Access:http://hdl.handle.net/10150/617196
http://arizona.openrepository.com/arizona/handle/10150/617196

Internet

http://hdl.handle.net/10150/617196
http://arizona.openrepository.com/arizona/handle/10150/617196

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