메뉴 건너뛰기




Volumn 85, Issue 1, 2007, Pages 205-233

Do managers intentionally use repurchase tender offers to signal private information? Evidence from firm financial reporting behavior

Author keywords

Financial reporting; Managerial opportunism; Repurchase tender offers; Signaling

Indexed keywords


EID: 34249908137     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2006.08.003     Document Type: Article
Times cited : (103)

References (57)
  • 2
    • 0031097135 scopus 로고    scopus 로고
    • Detecting long-run abnormal stock returns: the empirical power and specification of test statistics
    • Barber B., and Lyon J. Detecting long-run abnormal stock returns: the empirical power and specification of test statistics. Journal of Financial Economics 43 (1997) 341-372
    • (1997) Journal of Financial Economics , vol.43 , pp. 341-372
    • Barber, B.1    Lyon, J.2
  • 3
    • 0000118836 scopus 로고
    • Imperfect information, dividend policy, and "the bird in the hand" fallacy
    • Bhattacharya S. Imperfect information, dividend policy, and "the bird in the hand" fallacy. Bell Journal of Economics 10 (1979) 259-270
    • (1979) Bell Journal of Economics , vol.10 , pp. 259-270
    • Bhattacharya, S.1
  • 5
    • 84977720196 scopus 로고
    • Shareholder preferences and dividend policy
    • Brennan M., and Thakor A. Shareholder preferences and dividend policy. Journal of Finance 4 (1990) 993-1018
    • (1990) Journal of Finance , vol.4 , pp. 993-1018
    • Brennan, M.1    Thakor, A.2
  • 6
    • 0002624840 scopus 로고    scopus 로고
    • On persistence in mutual fund performance
    • Carhart M. On persistence in mutual fund performance. Journal of Finance 52 (1997) 57-82
    • (1997) Journal of Finance , vol.52 , pp. 57-82
    • Carhart, M.1
  • 7
    • 84977719740 scopus 로고
    • The relative signalling power of Dutch-auction and fixed price self-tender offers and open-market share purchases
    • Comment R., and Jarrell G. The relative signalling power of Dutch-auction and fixed price self-tender offers and open-market share purchases. Journal of Finance 46 (1991) 1243-1271
    • (1991) Journal of Finance , vol.46 , pp. 1243-1271
    • Comment, R.1    Jarrell, G.2
  • 8
    • 0000171752 scopus 로고
    • Optimal investment with stock repurchase and financing as signals
    • Constantinides G., and Grundy B. Optimal investment with stock repurchase and financing as signals. Review of Financial Studies 2 (1989) 445-465
    • (1989) Review of Financial Studies , vol.2 , pp. 445-465
    • Constantinides, G.1    Grundy, B.2
  • 9
    • 0042908970 scopus 로고    scopus 로고
    • Interacting biases, non-normal return distributions and the performance of tests for long-horizon event studies
    • Cowan A., and Sergeant A. Interacting biases, non-normal return distributions and the performance of tests for long-horizon event studies. Journal of Banking and Finance 25 (2001) 741-765
    • (2001) Journal of Banking and Finance , vol.25 , pp. 741-765
    • Cowan, A.1    Sergeant, A.2
  • 10
    • 0039561990 scopus 로고    scopus 로고
    • Measuring mutual fund performance with characteristic-based benchmarks
    • Daniel K., Grinblatt M., Titman S., and Wermers R. Measuring mutual fund performance with characteristic-based benchmarks. Journal of Finance 52 (1997) 1035-1058
    • (1997) Journal of Finance , vol.52 , pp. 1035-1058
    • Daniel, K.1    Grinblatt, M.2    Titman, S.3    Wermers, R.4
  • 11
    • 49049148412 scopus 로고
    • Common stock repurchases: an analysis of returns to bondholders and stockholders
    • Dann L. Common stock repurchases: an analysis of returns to bondholders and stockholders. Journal of Financial Economics 9 (1981) 113-138
    • (1981) Journal of Financial Economics , vol.9 , pp. 113-138
    • Dann, L.1
  • 14
    • 33846525764 scopus 로고
    • Leveraged recaps and the curbing of corporate overinvestment
    • Denis D., and Denis D. Leveraged recaps and the curbing of corporate overinvestment. Journal of Applied Corporate Finance 6 (1993) 60-71
    • (1993) Journal of Applied Corporate Finance , vol.6 , pp. 60-71
    • Denis, D.1    Denis, D.2
  • 15
    • 0007985438 scopus 로고    scopus 로고
    • Why do firms repurchase stock?
    • Dittmar A. Why do firms repurchase stock?. Journal of Business 73 (2000) 331-355
    • (2000) Journal of Business , vol.73 , pp. 331-355
    • Dittmar, A.1
  • 16
    • 0346207692 scopus 로고    scopus 로고
    • Market efficiency, long-term returns, and behavioral finance
    • Fama E. Market efficiency, long-term returns, and behavioral finance. Journal of Financial Economics 49 (1998) 283-306
    • (1998) Journal of Financial Economics , vol.49 , pp. 283-306
    • Fama, E.1
  • 17
    • 0000928969 scopus 로고
    • Risk, return, and equilibrium: empirical tests
    • Fama E., and MacBeth J. Risk, return, and equilibrium: empirical tests. Journal of Political Economy 81 (1973) 607-636
    • (1973) Journal of Political Economy , vol.81 , pp. 607-636
    • Fama, E.1    MacBeth, J.2
  • 18
    • 0347109946 scopus 로고    scopus 로고
    • Insider signaling and insider trading with repurchase tender offers
    • Fried J. Insider signaling and insider trading with repurchase tender offers. University of Chicago Law Review 67 (2000) 421-478
    • (2000) University of Chicago Law Review , vol.67 , pp. 421-478
    • Fried, J.1
  • 19
    • 34249881701 scopus 로고
    • Share repurchase mechanisms: a comparative analysis of efficacy, shareholder wealth, and corporate control effects
    • Gay G., Kale J., and Noe T. Share repurchase mechanisms: a comparative analysis of efficacy, shareholder wealth, and corporate control effects. Financial Management 20 (1991) 44-59
    • (1991) Financial Management , vol.20 , pp. 44-59
    • Gay, G.1    Kale, J.2    Noe, T.3
  • 21
    • 1842813970 scopus 로고    scopus 로고
    • The information content of share repurchase programs
    • Grullon G., and Michaely R. The information content of share repurchase programs. Journal of Finance 49 (2004) 651-680
    • (2004) Journal of Finance , vol.49 , pp. 651-680
    • Grullon, G.1    Michaely, R.2
  • 22
    • 0002451619 scopus 로고    scopus 로고
    • A market-based evaluation of discretionary accruals models
    • Guay W., Kothari S., and Watts R. A market-based evaluation of discretionary accruals models. Journal of Accounting Research 34 (1996) 83-105
    • (1996) Journal of Accounting Research , vol.34 , pp. 83-105
    • Guay, W.1    Kothari, S.2    Watts, R.3
  • 23
    • 0001574630 scopus 로고    scopus 로고
    • A review of the earnings management literature and its implications for standard setting
    • Healy P., and Wahlen J. A review of the earnings management literature and its implications for standard setting. Accounting Horizons 13 (1999) 365-383
    • (1999) Accounting Horizons , vol.13 , pp. 365-383
    • Healy, P.1    Wahlen, J.2
  • 24
    • 34249905943 scopus 로고    scopus 로고
    • Huddart, S., Louis, H., 2007. Stock returns, earnings management, and insider selling during the 1990s stock market bubble. Unpublished working paper. Pennsylvania State University.
  • 25
    • 4243994214 scopus 로고    scopus 로고
    • Why active fund managers often underperform the S&P 500: the impact of size and skewness
    • Ikenberry D., Shockley R., and Womack K. Why active fund managers often underperform the S&P 500: the impact of size and skewness. Journal of Private Portfolio Management 1 (1999) 13-26
    • (1999) Journal of Private Portfolio Management , vol.1 , pp. 13-26
    • Ikenberry, D.1    Shockley, R.2    Womack, K.3
  • 26
    • 34249890872 scopus 로고    scopus 로고
    • Jolls, C., 1998. The role of incentive compensation in explaining the stock-repurchase puzzle. Mimeo, Harvard Law School.
  • 27
    • 0000862461 scopus 로고
    • Earnings management during import relief investigations
    • Jones J. Earnings management during import relief investigations. Journal of Accounting Research 29 (1991) 193-228
    • (1991) Journal of Accounting Research , vol.29 , pp. 193-228
    • Jones, J.1
  • 28
    • 0036145216 scopus 로고    scopus 로고
    • When a buyback isn't a buyback: open-market repurchases and employee options
    • Kahle K. When a buyback isn't a buyback: open-market repurchases and employee options. Journal of Financial Economics 63 (2002) 235-261
    • (2002) Journal of Financial Economics , vol.63 , pp. 235-261
    • Kahle, K.1
  • 29
    • 0036331491 scopus 로고    scopus 로고
    • Audit committee, board of director characteristics and earnings management
    • Klein A. Audit committee, board of director characteristics and earnings management. Journal of Accounting and Economics 33 (2002) 375-400
    • (2002) Journal of Accounting and Economics , vol.33 , pp. 375-400
    • Klein, A.1
  • 31
    • 84977717507 scopus 로고
    • Anomalous price behavior around repurchase tender offers
    • Lakonishok J., and Vermaelen T. Anomalous price behavior around repurchase tender offers. Journal of Finance 45 (1990) 455-477
    • (1990) Journal of Finance , vol.45 , pp. 455-477
    • Lakonishok, J.1    Vermaelen, T.2
  • 32
    • 84993915319 scopus 로고
    • Manager's trading around stock repurchases
    • Lee S., Mikkelson W., and Partch M. Manager's trading around stock repurchases. Journal of Finance 47 (1992) 1947-1961
    • (1992) Journal of Finance , vol.47 , pp. 1947-1961
    • Lee, S.1    Mikkelson, W.2    Partch, M.3
  • 34
    • 9944238726 scopus 로고    scopus 로고
    • Earnings management and the market performance of acquiring firms
    • Louis H. Earnings management and the market performance of acquiring firms. Journal of Financial Economics 74 (2004) 121-148
    • (2004) Journal of Financial Economics , vol.74 , pp. 121-148
    • Louis, H.1
  • 35
    • 17544372026 scopus 로고    scopus 로고
    • Do managers credibly use accruals to signal private information? Evidence from the pricing of discretionary accruals around stock splits
    • Louis H., and Robinson D. Do managers credibly use accruals to signal private information? Evidence from the pricing of discretionary accruals around stock splits. Journal of Accounting and Economics 39 (2005) 361-380
    • (2005) Journal of Accounting and Economics , vol.39 , pp. 361-380
    • Louis, H.1    Robinson, D.2
  • 36
    • 34249908415 scopus 로고    scopus 로고
    • Louis, H., Robinson, D., Sbaraglia, A., 2007. An integrated analysis of the association between accrual disclosure and the abnormal accrual anomaly. Review of Accounting Studies, forthcoming.
  • 37
    • 34249908174 scopus 로고    scopus 로고
    • Louis, H., White, H., 2007. Insider trading after repurchase tender offers: Liquidity or rent extraction. Unpublished working paper, Pennsylvania State University.
  • 38
    • 0009885154 scopus 로고    scopus 로고
    • Improved methods for tests of long-run abnormal stock returns
    • Lyon J., Barber R., and Tsai C. Improved methods for tests of long-run abnormal stock returns. Journal of Finance 54 (1999) 165-201
    • (1999) Journal of Finance , vol.54 , pp. 165-201
    • Lyon, J.1    Barber, R.2    Tsai, C.3
  • 39
    • 0142188073 scopus 로고    scopus 로고
    • The Wealth effects of repurchases on bondholders
    • Maxwell W., and Stephens C. The Wealth effects of repurchases on bondholders. Journal of Finance 58 (2003) 895-920
    • (2003) Journal of Finance , vol.58 , pp. 895-920
    • Maxwell, W.1    Stephens, C.2
  • 40
    • 0039657040 scopus 로고    scopus 로고
    • Herding and feedback trading by institutional and individual investors
    • Nofsinger J., and Sias R. Herding and feedback trading by institutional and individual investors. Journal of Finance 54 (1999) 2263-2295
    • (1999) Journal of Finance , vol.54 , pp. 2263-2295
    • Nofsinger, J.1    Sias, R.2
  • 41
    • 43949157366 scopus 로고
    • Earnings management preceding management buyout offers
    • Perry S., and Williams T. Earnings management preceding management buyout offers. Journal of Accounting and Economics 18 (1994) 157-179
    • (1994) Journal of Accounting and Economics , vol.18 , pp. 157-179
    • Perry, S.1    Williams, T.2
  • 42
    • 84993590220 scopus 로고
    • Signaling and takeover deterrence with stock repurchases: Dutch auctions versus fixed price tender offers
    • Persons J. Signaling and takeover deterrence with stock repurchases: Dutch auctions versus fixed price tender offers. Journal of Finance 49 (1994) 1373-1402
    • (1994) Journal of Finance , vol.49 , pp. 1373-1402
    • Persons, J.1
  • 43
    • 0031161676 scopus 로고    scopus 로고
    • Heterogeneous shareholders and signaling with share repurchases
    • Persons J. Heterogeneous shareholders and signaling with share repurchases. Journal of Corporate Finance 3 (1997) 221-249
    • (1997) Journal of Corporate Finance , vol.3 , pp. 221-249
    • Persons, J.1
  • 44
    • 34249913517 scopus 로고    scopus 로고
    • Peyer, U., Vermaelen, T., 2006. The nature and persistence of buyback anomalies. Unpublished working paper, INSEAD.
  • 45
    • 0141873448 scopus 로고    scopus 로고
    • Regulation, taxes, and share repurchases in the United Kingdom
    • Rau R., and Vermaelen T. Regulation, taxes, and share repurchases in the United Kingdom. Journal of Business 75 (2002) 245-282
    • (2002) Journal of Business , vol.75 , pp. 245-282
    • Rau, R.1    Vermaelen, T.2
  • 46
    • 17544363096 scopus 로고
    • Disclosure: damned if you do, damned if you don't
    • Ruhnka J., and Bagby J. Disclosure: damned if you do, damned if you don't. Harvard Business Review 64 (1986) 34-39
    • (1986) Harvard Business Review , vol.64 , pp. 34-39
    • Ruhnka, J.1    Bagby, J.2
  • 47
    • 21344476154 scopus 로고
    • Why firms voluntarily disclose bad news?
    • Skinner D. Why firms voluntarily disclose bad news?. Journal of Accounting Research 32 (1994) 38-60
    • (1994) Journal of Accounting Research , vol.32 , pp. 38-60
    • Skinner, D.1
  • 48
    • 0031280675 scopus 로고    scopus 로고
    • Earnings disclosures and stockholder lawsuits
    • Skinner D. Earnings disclosures and stockholder lawsuits. Journal of Accounting and Economics 23 (1997) 249-282
    • (1997) Journal of Accounting and Economics , vol.23 , pp. 249-282
    • Skinner, D.1
  • 49
    • 0030305172 scopus 로고    scopus 로고
    • Do stock prices fully reflect information in accruals and cash flows about future earnings?
    • Sloan R. Do stock prices fully reflect information in accruals and cash flows about future earnings?. The Accounting Review 71 (1996) 289-315
    • (1996) The Accounting Review , vol.71 , pp. 289-315
    • Sloan, R.1
  • 50
    • 0000545801 scopus 로고    scopus 로고
    • Earnings management and the underperformance of seasoned equity offerings
    • Teoh S., Welch I., and Wong T. Earnings management and the underperformance of seasoned equity offerings. Journal of Financial Economics 50 (1998) 63-100
    • (1998) Journal of Financial Economics , vol.50 , pp. 63-100
    • Teoh, S.1    Welch, I.2    Wong, T.3
  • 51
    • 0000370948 scopus 로고    scopus 로고
    • Earnings management and the long-run market performance of initial public offerings
    • Teoh S., Welch I., and Wong T. Earnings management and the long-run market performance of initial public offerings. Journal of Finance 53 (1998) 1935-1974
    • (1998) Journal of Finance , vol.53 , pp. 1935-1974
    • Teoh, S.1    Welch, I.2    Wong, T.3
  • 52
    • 49049145214 scopus 로고
    • Common stock repurchases and market signalings
    • Vermaelen T. Common stock repurchases and market signalings. Journal of Financial Economics 9 (1981) 139-183
    • (1981) Journal of Financial Economics , vol.9 , pp. 139-183
    • Vermaelen, T.1
  • 53
    • 84974409356 scopus 로고
    • Repurchase tender offers, signalling, and managerial incentives
    • Vermaelen T. Repurchase tender offers, signalling, and managerial incentives. Journal of Financial and Quantitative Analysis 19 (1984) 163-181
    • (1984) Journal of Financial and Quantitative Analysis , vol.19 , pp. 163-181
    • Vermaelen, T.1
  • 55
    • 0006818286 scopus 로고    scopus 로고
    • Mutual fund herding and the impact on stock prices
    • Wermers R. Mutual fund herding and the impact on stock prices. Journal of Finance 54 (1999) 581-622
    • (1999) Journal of Finance , vol.54 , pp. 581-622
    • Wermers, R.1
  • 56
    • 0038185576 scopus 로고    scopus 로고
    • Mutual fund performance: an empirical decomposition into stock-picking talent, style, transactions costs, and expenses
    • Wermers R. Mutual fund performance: an empirical decomposition into stock-picking talent, style, transactions costs, and expenses. Journal of Finance 55 (2000) 1655-1695
    • (2000) Journal of Finance , vol.55 , pp. 1655-1695
    • Wermers, R.1
  • 57
    • 0035639864 scopus 로고    scopus 로고
    • The mispricing of abnormal accruals
    • Xie H. The mispricing of abnormal accruals. The Accounting Review 76 (2001) 357-373
    • (2001) The Accounting Review , vol.76 , pp. 357-373
    • Xie, H.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.