... insiders) and is distributed less widely – only to members of the exchange. Repurchase agreements Information Stock returns Canada Repurchase program announcements have been shown to generate abnormal returns in the USA and Canada, and past studies have explored a variety of explanatory...

... shareholders, either as a dividend (D) or a repurchase (R), Throughout, we assume that the firm has no debt. Shares Repurchase agreements Dividends Managerialism Corporate governance As illustrated by Fisher Black's (1976) article titled “The dividend puzzle”, it is difficult to understand why...

... limiting the payout a firm is allowed to make (in order to prevent the expropriation of bondholders by shareholders). Therefore, we expect a negative relationship between payout ratios and leverage. Payments Dividends Shares Repurchase agreements Corporate governance Cash flow...