scholarly journals Erratum to: Dividends versus Stock Repurchases and Long-Run Stock Returns under Heterogeneous Beliefs

2021 ◽  
Vol 10 (3) ◽  
pp. 633-638
Keyword(s):  
Stock Returns ◽  
Heterogeneous Beliefs ◽  
Stock Repurchases ◽  
Long Run

Dividends versus Stock Repurchases and Long-Run Stock Returns under Heterogeneous Beliefs

2021 ◽  
Author(s):  
Onur Bayar ◽  
Thomas J Chemmanur ◽  
Mark H Liu
Keyword(s):  
Stock Returns ◽  
Project Success ◽  
Heterogeneous Beliefs ◽  
Stock Repurchases ◽  
External Financing ◽  
Stock Repurchase ◽  
Dividend Payment ◽  
Long Run

Abstract We analyze a firm’s choice between dividends and stock repurchases under heterogeneous beliefs. Firm insiders, owning a certain fraction of equity, choose between paying out cash available through a dividend payment or a stock repurchase, and simultaneously choose the scale of the firm’s project. Outsiders have heterogeneous beliefs about project success and may disagree with insiders. In equilibrium, the firm distributes value through dividends alone, through a repurchase alone, or through a combination of both. In some situations, the firm may raise external financing to fund its payout. We also develop results for long-run stock returns following dividends and repurchases.

A Theory of Capital Structure, Price Impact, and Long-Run Stock Returns under Heterogeneous Beliefs

2015 ◽  
Vol 4 (2) ◽  
pp. 258-320 ◽  
Author(s):  
Onur Bayar ◽  
Thomas J. Chemmanur ◽  
Mark H. Liu
Keyword(s):  
Capital Structure ◽  
Stock Returns ◽  
Price Impact ◽  
Heterogeneous Beliefs ◽  
Long Run

Holding Size While Improving Power in Tests of Long-Run Abnormal Stock Returns

1996 ◽  
Author(s):  
Brad M. Barber ◽  
Richard Lyon ◽  
Chih-Ling Tsai
Keyword(s):  
Stock Returns ◽  
Long Run ◽  
Abnormal Stock Returns

scholarly journals Financial Crises, Macroeconomic Variables, and Long-Run Risk: An Econometric Analysis of Stock Returns Correlations (2000 to 2019)

2021 ◽  
Vol 14 (3) ◽  
pp. 127
Author(s):  
Marco Tronzano
Keyword(s):  
Stock Returns ◽  
Risk Premium ◽  
Financial Crises ◽  
Stock Price ◽  
Financial Risk ◽  
Swiss Franc ◽  
Chinese Stock Market ◽  
Stock Market Index ◽  
Defensive Role ◽  
Long Run

This paper focuses on four major aggregate stock price indexes (SP 500, Stock Europe 600, Nikkei 225, Shanghai Composite) and two “safe-haven” assets (Gold, Swiss Franc), and explores their return co-movements during the last two decades. Significant contagion effects on stock markets are documented during almost all financial crises; moreover, in line with the recent literature, the defensive role of gold and the Swiss Franc in asset portfolios is highlighted. Focusing on a new set of macroeconomic and financial series, a significant impact of these variables on stock returns correlations is found, notably in the case of the world equity risk premium. Finally, long-run risks are detected in all asset portfolios including the Chinese stock market index. Overall, this empirical evidence is of interest for researchers, financial risk managers and policy makers.

Sign in / Sign up

Export Citation Format

Share Document