Title of article
Open market share repurchases and the free cash flow hypothesis G35
Author/Authors
Nikos Vafeas، نويسنده , , O. Maurice Joy، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 1995
Pages
6
From page
405
To page
410
Abstract
We investigate the source of shareholder gains when open market share repurchases are announced. We find evidence that abnormal stock market returns are related to the reduction of free cash flow agency costs, which supports Jensenʹs free cash flow hypothesis.
Journal title
Economics Letters
Serial Year
1995
Journal title
Economics Letters
Record number
433947
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