The Evolving Relation Between Earnings, Dividends, and Stock Repurchases

By Douglas J. Skinner. 2008

672 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/a4707e0000e4fc15dc2d43218a252994993c9341

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Citations in the corpus

Audit Quality and the Trade-Off between Accretive Stock Repurchases and Accrual-Based Earnings Management (2012, background): “Therefore, we identify firms that would have missed their quarterly consensus analysts’ forecasts, but actually 5 Skinner (2008) provides examples of competing motivations, including the signaling of future prospects, the issuing of stock options, and using stock swaps as part of merger and…”
Payout Policy Through the Financial Crisis: The Growth of Repurchases and the Resilience of Dividends (2015, positive): “Dividends are even more puzzling today given the availability of stock repurchases, which offer greater flexibility, tax advantages, and other benefits (Guay and Harford, 2000; Skinner, 2008).”
A Lintner Model of Payout and Managerial Rents (2012, positive): “Skinner (2008) finds an SOA for total payout of 0.4 and 0.55 for the periods 1980 to 1994 and 1995 to 2005, respectively.”
Dynamic panels with threshold effect and endogeneity (2016, positive): “[24] favour of such dividend smoothing at both firm and aggregate levels, e.g. Fama and Babiak (1968), Marsh and Merton (1987), Skinner (2008) and Cho et al. (2013).”
Bringing it Home: A Study of the Incentives Surrounding the Repatriation of Foreign Earnings Under the American Jobs Creation Act of 2004 (2009, background): “Existing studies show that dividends and repurchases are increasing in profitability (Lintner 1956, Skinner 2008).”
Firm age and performance (2010, background): “See, among others, Tripsas and Gavetti (2000) and the literature cited therein.”
Signaling through corporate accountability reporting (2015, neutral): “We follow Skinner (2008) and measure stock repurchases using either (a) increases in Common Treasury Stock if the firm uses the treasury method, or (b) the difference between Stock Purchases and Stock Issuance from the cash flow statement if the firm uses the retirement method.”
Determinants of Dividend Smoothing: Empirical Evidence (2011, positive): “Interestingly, while the use of repurchases may have contributed to this trend in the past two decades (Grullon and Michaely 2002; Skinner 2008), most of the increase occurred before the use of repurchases became widespread.”
Dividend Payouts and Information Shocks (2014, background): “(e.g., Fama and French 2001; Skinner 2008).”
Employee Ownership, Board Representation, and Corporate Financial Policies (2011, result): “Consistent with existing literature [see Skinner (2008) for U.S. and von Eije and Megginson (2008) for European evidence] share repurchases are significantly positively related to firm size and, but only significantly so in fixed effects regressions, to profitability (ROA).”
In Search of Robust Methods for Dynamic Panel Data Models in Empirical Corporate Finance (2015, positive): “In the corporate payout literature, several studies have examined the degree of dividend smoothing by estimating Lintner's (1956) partial adjustment model (e.g., Brav et al., 2005; Skinner, 2008; Andres et al., 2009).”
Dividends and Share Repurchases in the European Union (2008, positive): “Are total payouts becoming more responsive to earnings in companies that regularly pay cash dividends and repurchase shares, as Skinner (2008) finds for the United States?”