Operating performance following open market share repurchase announcements

By Erik Lie. 2005

288 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/7420b8115dc065f4dda680722b918ee5194950f4

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. S. Cahan
2. D. Emanuel
3. L. Field
4. Jerry Sun
5. Amy K. Dittmar
6. Jarrad Harford
7. R. Duchin
8. A. Cheung

In Strategy and Management

1. S. Cahan
2. D. Emanuel
3. L. Field
4. Jerry Sun
5. Amy K. Dittmar
6. R. Duchin
7. Jarrad Harford
8. Julian Atanassov

Citations in the corpus

• Corporate Payout Policy (2009, unknown): “We present a synthesis of academic research on corporate payout policy grounded in the pioneering contributions of Lintner (1956) and Miller and Modigliani (1961).”
• Share Repurchases as a Potential Tool to Mislead Investors (2010, unknown): “Following Lie (2005), we define abnormal operating performance by taking the quarterly ROA of each buyback firm and subtracting the concurrent ROA of a benchmark firm matched on the basis of industry, Discretionary Accruals (DA), pre-event return performance, and market-to-book ratio (M/B).”
• Earnings Management and Firm Performance Following Open-Market Repurchases (2008, unknown): “It is worth noting that, prior to open-market repurchases, the repurchasing firms’ operating performance is on average better than the operating performance of their industry peers (Lie, 2005).”
• Compensation committee governance quality, chief executive officer stock option grants, and future firm performance (2009, background): “Carpenter and Remmers (2001) find that insiders time the exercise of stock options based on private information and Lie (2005) finds that abnormal stock returns are negative before unscheduled awards and positive after, and this pattern has 7 become stronger over time.”
• Can Managers Time the Market? Evidence Using Repurchase Price Data (2015, background): “Lie (2005) shows that firms report significant improvement in operating profitability following a repurchase announcement and Gong, Louis, and Sun (2008) show that this is at least in part due to pre-repurchase announcement downward earnings management rather than growth in profits.”
• An Alternative Three-Factor Model (2011, unknown): “Because net issues equal new issues minus share repurchases, our evidence is consistent with Lie (2005), who show that repurchasing firms exhibit superior operating performance relative to industry peers.”
• The Real Effects of Share Repurchases (2016, unknown): “…Lakonishok, and Vermaelen (1995)),6 when they lack future growth opportunities (Grullon and Michaely (2004)), to signal strong future performance (Lie (2005)), to boost employee incentives (Babenko (2009)), to mitigate the dilutive effect of stock option exercises (Kahle (2002) and Bens, Nagar,…”
• Errors in Estimating Share Repurchases (2008, unknown): “sample selection procedure similar to those in Gong, Louis and Sun (2008), Lie (2005), and”