دانلود مقاله ISI انگلیسی شماره 23272
ترجمه فارسی عنوان مقاله

بازخرید تبدیل سهام ممتاز و ثروت سهام

عنوان انگلیسی
Repurchases of convertible preferred stock and shareholder wealth
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
23272 2014 8 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Business Research, Volume 67, Issue 4, April 2014, Pages 623–630

ترجمه کلمات کلیدی
سهام تبدیل ترجیحی - بازخرید - تماس های تبدیلی - ثروت سهامدار - سیگنالینگ - جریان نقدی رایگان
کلمات کلیدی انگلیسی
Convertible preferred stock,Repurchases,Calls of convertibles,Shareholder wealth,Signaling, Free cash flow
پیش نمایش مقاله
پیش نمایش مقاله  بازخرید تبدیل سهام ممتاز و ثروت سهام

In this paper we provide the first comprehensive examination of the stock price reaction to announcements of convertible preferred stock repurchases over the 1981 to 2005 period. We document a positive and significant average common stock abnormal return of 3.27% around announcements of these repurchases. We test signaling and free cash flow explanations for the observed wealth effects by studying abnormal returns and changes in operating performance around repurchase announcements. We find that abnormal returns are positively related to size of repurchases and managerial ownership. We find no evidence of higher stock price reactions for low-q and high free cash flow firms. In addition, we find significant improvements in accounting profitability subsequent to repurchases, but not for low-q firms. Collectively, our results are most consistent with the signaling hypothesis.