Financial flexibility and the choice between dividends and stock repurchases
By M. Jagannathan, C. Stephens, Michael S. Weisbach. 2000
1,059 citations recorded by the source corpus.
Subfields: Accounting, Economics and Econometrics
View Paper: https://www.semanticscholar.org/paper/9773a3aee741efacb6d4c780996410cceb12cb5f
How researchers see this paper
The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.
In Accounting
- John R. Graham
- Douglas J. Skinner
- Amy K. Dittmar
- Luc Renneboog
- Roni Michaely
- Campbell R. Harvey
- Erik Lie
- Peter G. Szilagyi
In Economics and Econometrics
- Douglas J. Skinner
- Campbell R. Harvey
- Massimo Massa
- Roni Michaely
- José-Miguel Gaspar
- Erik Lie
- Pedro Matos
- Jie Chen
Citations in the corpus
- Dividends and Corporate Shareholders (2009, neutral): “These analyses help address the regularity that repurchases are more frequent when firms have more volatile cash flows and when recent stockreturn performance has been poor; see Jagannathan, Stephens, and Weisbach (2000).”
- What do dividends tell us about earnings quality? (2009, neutral): “Similarly, Jagannathan et al. (2000) find that dividend payers are likely to have relatively high ‘‘permanent’’ operating cash flows while repurchasers are more likely to have ‘‘temporary’’ non-operating cash flows.”
- The impact of board gender composition on dividend payouts (2017, result): “The positive sign on ROA and the negative sign on Return volatility are also in line with the existing literature (Jagannathan et al., 2000).”
- Can Managers Time the Market? Evidence Using Repurchase Price Data (2015, methodology): “Thus, similar to Jenter (2005), we use insider buying and selling as an indicator that a firm is potentially misvalued.”
- The effect of financial reporting quality on corporate dividend policy (2017, neutral): “…are more irregular and more likely to be used to distribute temporary cash flows at the managers’ discretion (e.g., Guay and Harford 2000; Jagannathan et al. 2000) and thus less of a credible commitment device to distribute free cash flows and less effective in mitigating the agency…”
- How relevant is dividend policy under low shareholder protection? (2015, positive): “Accordingly, firms with permanently high operating cash flows tend to pay dividends, while those with greater non-operating or more volatile operating cash flows resort more to share repurchases (Jagannathan et al., 2000).”