The real effects of share repurchases

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dc.contributor.authorHEITOR VIEIRA DE ALMEIDA NETO
dc.contributor.authorFos, Vyacheslav
dc.contributor.authorKronlund, Mathias
dc.coverage.paisNão Informadopt_BR
dc.creatorFos, Vyacheslav
dc.creatorKronlund, Mathias
dc.date.accessioned2022-11-11T18:37:26Z
dc.date.available2022-11-11T18:37:26Z
dc.date.issued2016
dc.description.otherWe employ a regression discontinuity design to identify the real effects of share repurchases on other firm outcomes. The probability of share repurchases that increase earnings per share (EPS) is sharply higher for firms that would have just missed the EPS forecast in the absence of the repurchase, when compared with firms that “just beat” the EPS forecast. We use this discontinuity to show that EPS-motivated repurchases are associated with reductions in employment and investment, and a decrease in cash holdings. Our evidence suggests that managers are willing to trade off investments and employment for stock repurchases that allow them to meet analyst EPS forecasts.pt_BR
dc.format.extentp. 168-185pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.issn0304-405Xpt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/4718
dc.identifier.volume119pt_BR
dc.language.isoInglêspt_BR
dc.publisherElsevierpt_BR
dc.relation.ispartofJournal of Financial Economicspt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITOR.pt_BR
dc.subject.keywordsShare repurchasespt_BR
dc.subject.keywordsEmploymentpt_BR
dc.subject.keywordsInvestmentpt_BR
dc.subject.keywordsRegression discontinuitypt_BR
dc.titleThe real effects of share repurchasespt_BR
dc.typejournal article
dspace.entity.typePublication
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeArtigo Científicopt_BR
relation.isAuthorOfPublication20c703ae-c8e5-469b-a8d3-b5b15979f556
relation.isAuthorOfPublication.latestForDiscovery20c703ae-c8e5-469b-a8d3-b5b15979f556
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