scholarly journals Share Repurchases: A Literature Review

2016 ◽  
Vol 8 (2) ◽  
pp. 1
Author(s):  
Sarthak Kumar Jena ◽  
Chandra Sekhar Mishra ◽  
Prabina Rajib
Keyword(s):  
Literature Review ◽  
Corporate Finance ◽  
Regulatory Framework ◽  
Earning Management ◽  
Share Repurchases ◽  
Share Repurchase ◽  
Dividend Payment ◽  
Significant Growth ◽  
Alternative Method ◽  
The Usa

<p>Share repurchases evolved as an alternative method of payout and a corporate finance tool in 1950 in the USA. From 1980 to 2000 it has achieved a significant growth as compared to dividend payment by companies. Then, share repurchase is gradually spread to other countries like UK, Canada, etc.  Pertinent to its growing importance, over the years an enormous literature has emerged that deals with many facets of share repurchase. This article classifies and organizes literature in relations to the established hypotheses, determinants affecting share repurchase decisions, the effect of share repurchase on liquidity and earning management around share repurchase. In additions to the above, this article also analyses the regulatory framework of Indian buyback starting from 1998. It gives a brief view of sections of old Companies Act (1956) and new Companies Act (2013) dealing with buyback. This article also provides a snapshot of SEBI buyback regulations, 1998 and also accommodates all the amendments.</p>

scholarly journals Do Share Repurchases Distort Stock Prices? Evidence from the United States and Malaysia

2021 ◽  
pp. 232102222110243
Author(s):  
Chong-Meng Chee ◽  
Nazrul Hisyam bin Ab Razak ◽  
Bany Ariffin bin Amin Noordin
Keyword(s):  
Stock Prices ◽  
The United States ◽  
Jel Classification ◽  
Share Repurchases ◽  
Alternative Measure ◽  
Share Repurchase ◽  
Price Support ◽  
Global Finance ◽  
The Usa ◽  
Sample Support

Heavy share buyback years after the global finance crisis 2008–2009 drew criticism from scholars and financial press that share repurchases were being used by firms to manipulate their stock prices. This paper examines whether a greater firm’s repurchase intensity distorts stock prices reflecting to information. We analyse 2 sets of unbalanced panel data that contain a sample of 337 US and another sample of 167 Malaysian repurchasing firms between 2012 and 2016. Contrary to the criticism, we find that a greater firms’ share buyback intensity in the USA stimulates faster incorporation of information in price and results in more efficient stock prices. The main findings hold true and are robust when an alternative measure of share repurchase intensity was used. The findings of US sample support the notion that share repurchase serves as a signalling tool and price support to promote more efficient stock prices. We also find no strong evidence supporting the notion that shares repurchased by Malaysian firms distort stock prices. JEL Classification: G10, G14, G35

Does founding family involvement affect share repurchase activity? Evidence from US firms from 2006 through 2015

2019 ◽  
Vol 45 (8) ◽  
pp. 1146-1163
Author(s):  
Shane Anthony Van Dalsem
Keyword(s):  
Family Involvement ◽  
Family Firms ◽  
Selection Process ◽  
Family Influence ◽  
Share Repurchases ◽  
Share Repurchase ◽  
Managerial Control ◽  
Content Type ◽  
Founding Family ◽  
The Usa

Purpose The purpose of this paper is to investigate whether family firms (FFs) differ from non-family firms (NFFs) in their propensity and likelihood of repurchasing shares. It focuses on the effects of voting control and managerial control of family members and economic conditions on repurchasing activity. Design/methodology/approach This paper employs pooled Tobit and probit models for a sample of 982 US firms for the period 2006 through 2015 and separates the roles of voting control and managerial control on influencing share repurchase decisions. Findings This paper provides evidence that FFs have a decreased propensity to repurchase shares relative to NFFs over the sample period. In general, the decreased propensity to repurchase shares is driven by the decision whether to repurchase shares and not the percentage of outstanding market value of equity repurchased. Practical implications For critics of share repurchases, this paper provides support for existing literature that FFs provide good long-term stewardship to their firms. In general, it demonstrates that FFs are less likely to repurchase shares than NFFs. Investors that have a preference for or against repurchases can use this information to improve their security selection process. Originality/value To date, the effects of family voting and managerial control on share repurchases in the USA has not been considered in the finance literature. This paper adds to the literature by providing evidence that family influence generally results in a lower propensity to repurchase shares.

Engagement, inclusion, knowledge sharing, and talent development: is reverse mentoring a panacea to all? Findings from literature review

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sanghamitra Chaudhuri ◽  
Sunyoung Park ◽  
Karen R. Johnson
Keyword(s):  
Literature Review ◽  
Social Exchange ◽  
Social Exchange Theory ◽  
English Summary ◽  
Exchange Theory ◽  
Future Research ◽  
Content Type ◽  
The Past ◽  
Member Exchange ◽  
The Usa

Purpose The purpose of this study is to systematically review the practice of reverse mentoring and draw a timeline of the research over the past two decades. Considering the novelty of this intervention, this paper proposed an agenda for future research on this burgeoning topic. Design/methodology/approach By adopting narrative literature review and Gregory and Denniss’ (2018) four-step process, this paper reviewed 54 studies grounded in conceptual, literature review and empirical research published between 1998 and 2020. Findings The articles included in the literature review on reverse mentoring research were summarized according to journal publications, research methodologies, contextual settings, theoretical framework, purpose and outcomes. Reverse mentoring studies are dominantly published in educational journals using primarily qualitative and conceptual approaches to explore both academic and business contexts within the USA and Europe. Theories frequently used to frame and examine the need of reverse mentoring included social exchange theory and leader-member exchange theory. The fundamental purpose of reverse mentoring research is to transfer knowledge and to bridge the technology divide between intergenerational groups. Reverse mentoring has been used to promote inclusivity between multiple generations in relation to gender, ethnicity and culture. Originality/value As per the knowledge, this is the first-ever comprehensive English summary of reverse mentoring research done in the past two decades. Findings from this research can be used to better understand reverse mentoring research trends and directions.

scholarly journals Epidemiology of Equestrian Accidents: a Literature Review

2019 ◽  
Author(s):  
Lauren Meredith ◽  
Robert Ekman ◽  
Karin Brolin
Keyword(s):  
Literature Review ◽  
Soft Tissue Injuries ◽  
Weather Conditions ◽  
Review Of The Literature ◽  
Hospital Data ◽  
Young Females ◽  
Body Regions ◽  
Horse Riding ◽  
Warm Weather ◽  
The Usa

Purpose: This manuscript aimed to present a review of the literature pertaining to horse riding and other horse-related injuries. Method: A review of the literature was performed, searching for appropriate terms with regards to horse accidents, horse riding injuries and protective clothing for the horse riding context. The literature review search returned 151 relevant full-text articles, with 71 of these detailing the overall injury epidemiology of horse-related accidents. Most of these studies were conducted in the USA and used a retrospective review of hospital data methodology. Results: Of the 71 articles investigated, 60 suggested that those most frequently involved in horse-related accidents are young females and 97% of papers investigating injury mechanisms found the most commonly involved was a fall from horseback. It was suggested in multiple studies that these injury events mostly occurred in warm weather conditions, when the horse behaved in an unexpected manner. Injury type and location varied by the primary mechanism of injury; but frequently involved body regions were the head and upper extremities, and the most common injuries observed were fractures and soft tissue injuries. Neurological trauma was reported by all relevant studies to be the most frequent cause of fatality. Conclusion: Some improvements in horse-related accident numbers and outcomes have been observed with the development and introduction of protective devices such as helmets and vests. Yet despite the benefits of helmet and vest usage, there is evidence to suggest helmets do not perform as well as they could. Further work could investigate improvements in safety measures and risk factors associated with fatalities.

scholarly journals Female insertion in neurosurgery: Evolution of a stigma break

2021 ◽  
Vol 12 ◽  
pp. 76
Author(s):  
Luiz Severo Bem Junior ◽  
Nilson Batista Lemos ◽  
Júlia de Araújo Vianna ◽  
Juliana Garcia Silva ◽  
Luana Moury Fernandes Sanchez ◽  
...  
Keyword(s):  
Health Care ◽  
Gender Differences ◽  
Literature Review ◽  
Gender Inequality ◽  
Care Delivery ◽  
Electronic Library ◽  
Participation Of Women ◽  
The World ◽  
The Usa

Background: Utilizing the Brazilian Medical Demography analysis and a literature review, we evaluated how women choose to become neurosurgeons in Brazil and around the world, specifically citing the Europe, the USA, India, and Japan. Methods: We utilized the Brazilian Medical Demography prepared by the Federal Council of Medicine and the Regional Council of Medicine of the State of São Paulo (2011, 2013, 2015, and 2018). We also included an evaluation of 20 articles from PubMed, the Scientific Electronic Library Online, and National Health Library databases (e.g., using descriptors “Women in neurosurgery” and “Career”). Results: In Brazil in 2017, women comprised 45.6% of active doctors, but only 8.6% of all neurosurgeons. Of 20 articles identified in the literature, 50% analyzed the factors that influenced how women choose neurosurgery, 40% dealt with gender differences, while just 10% included an analysis of what it is like to be a female neurosurgeon in different countries/continents. Conclusion: The participation of women in neurosurgery has increased in recent years despite the persistence of gender inequality and prejudice. More women need to be enabled to become neurosurgeons as their capabilities, manual dexterity, and judgment should be valued to improve the quality of neurosurgical health-care delivery.

scholarly journals The repurchase by a holding company of treasury shares held by subsidiaries: A South African perspective

2012 ◽  
Vol 43 (4) ◽  
pp. 33-44 ◽  
Author(s):  
N. Wesson ◽  
W. D. Hamman
Keyword(s):  
South African ◽  
Financial Reporting ◽  
Stock Exchange ◽  
Annual Reports ◽  
Share Repurchases ◽  
Share Repurchase ◽  
Financial Reporting Standards ◽  
Holding Company ◽  
Johannesburg Stock Exchange ◽  
The Uk

This study aims to establish whether the repurchasing of treasury shares by a holding company is a regular occurrence for companies listed on the Johannesburg Stock Exchange (JSE); whether these repurchasing companies have complied with the relevant legal and reporting requirements; and what their stated motivations were for these repurchases.In a sample of 251 companies listed on the JSE from 1999 till their 2009 financial year-end, 120 (47,8%) companies executed share repurchases. Thirty-six (30%) of the 120 companies repurchased treasury shares from their subsidiaries in 55 different transactions, representing 22% of the total number of shares repurchased.Companies which repurchase treasury shares do not always comply with the legal requirements (such as obligatory Security News Agency (SENS) announcements and circulars); and the accounting requirements of International Financial Reporting Standards (IFRS) (relevant to the disclosure of the reconciliation of the number of shares in issue) are applied in an inconsistent manner in annual reports. The most common reason for the repurchase of treasury shares was that the 10% limit (on treasury shares held by subsidiaries) had nearly been reached. Various business purposes were also given. Income tax implications did not seem to be a conclusive motivation for repurchasing treasury shares.The repurchase of treasury shares by the holding company is not allowed in most other countries, like the UK, and presents unique challenges to the South African share repurchase environment. More stringent application of the JSE Listing Requirements, as well as better guidance on the IFRS disclosure requirement on the reconciliation of the number of shares in issue, is needed in South Africa. This will enable stakeholders to make better-informed decisions and will also assist research on share repurchases.This material is based upon work supported financially by the National Research Foundation. However, any opinions, findings, conclusions and recommendations expressed in this article are those of the authors alone, and the NRF does not accept any liability in regard thereto.

Autozone, Inc.

2017 ◽  
pp. 1-17 ◽  
Author(s):  
Kenneth M. Eades ◽  
Justin Brenner
Keyword(s):  
Corporate Finance ◽  
Stock Price ◽  
Cash Flows ◽  
Share Repurchases ◽  
Introductory Course ◽  
Portfolio Manager ◽  
Financial Strategies ◽  
Mark Johnson

The case can be taught in an introductory corporate finance course or to more experienced students or executives to spur a discussion about share repurchases and corporate financial strategies in general. If used in an introductory course, the case is most effective if preceded by a traditional dividend class. It follows a portfolio manager of Johnson & Associates, Mark Johnson, who is reviewing his holdings, including his position in AutoZone in early 2012. A prominent shareholder, Edward Lampert, had begun liquidating his position in AutoZone, and Johnson is concerned that Lampert's reduced position could lead the company to stop using share repurchases as a method of distributing cash flows to shareholders. The case lists a number of alternative uses for the cash flows and asks students to assume Johnson's role as an analyst and assess the likely impact of those alternatives on AutoZone's stock price.

Talent development: a systematic literature review of empirical studies

2018 ◽  
Vol 42 (1/2) ◽  
pp. 75-90 ◽  
Author(s):  
Fatemeh Rezaei ◽  
Michael Beyerlein
Keyword(s):  
Literature Review ◽  
Organizational Development ◽  
Systematic Literature Review ◽  
Empirical Studies ◽  
Talent Development ◽  
Content Type ◽  
Individual Level ◽  
Development Interventions ◽  
The Usa ◽  
The Individual

Purpose The purpose of this study is to identify and examine findings from empirical research regarding organizations’ talent development (TD) strategies, taking into consideration the countries in which the studies were conducted and the TD-approach organizations adopted, and recognize the positive outcomes of TD implementation, as well as potential issues and challenges. Design/methodology/approach This systematic literature review used Garrard’s matrix method to organize the review of publications. It identified 31 empirical articles from the total of 551 publications. Findings The findings indicate that a majority of the studies were conducted in countries other than the USA and that they were all published recently, after 2007. The results show that organizations have mostly applied organizational development interventions at the individual level for developing talented employees, followed by formal training and development. Additionally, managerial issues were identified as the most common issue on the way of implementing TD interventions. Research limitations/implications Trying to define TD as a discrete concept from HRD could be considered as both differentiating the current literature review and a limitation. Originality/value This article is among the first to identify TD interventions through a systematic literature review and provides a model of TD’s intervention antecedents and outcomes for the follow-up empirical works.

scholarly journals TARGETED LITERATURE REVIEW: BURDEN OF DISEASE ASSOCIATED WITH SEVERE, UNCONTROLLED ASTHMA IN THE USA

CHEST Journal ◽  
2020 ◽  
Vol 158 (4) ◽  
pp. A25-A26
Author(s):  
Anna Quinton ◽  
James Chung ◽  
Pooja Desai ◽  
Joshua Dube ◽  
Christopher Ambrose
Keyword(s):  
Literature Review ◽  
Burden Of Disease ◽  
Uncontrolled Asthma ◽  
The Usa

scholarly journals Share buy-backs for a selection of JSE listed companies: An exploratory study

2010 ◽  
Vol 41 (4) ◽  
pp. 47-58 ◽  
Author(s):  
P. G. Bester ◽  
N. Wesson ◽  
W. D. Hamman
Keyword(s):  
South African ◽  
Listed Companies ◽  
Small Sample ◽  
Share Repurchases ◽  
Share Repurchase ◽  
News Service ◽  
Conducting Research ◽  
Repurchase Announcements ◽  
Buy Back ◽  
Selection Of

This study undertook to derive share repurchase trends from a small sample of JSE-listed companies over the nine years, 1999 – 2008. The study also draws attention to the particular obstacles to be overcome when conducting research into the unique South African share repurchases environment.The study finds that 33 companies made 71 repurchase announcements (47 general and 24 specific) via the Securities Exchange News Service (SENS) over the period July 1999 until financial year-end in 2008. On average, 59,0% of the total number of shares (and 49,3% of the total value) repurchased under a general authority is not included in the 3% SENS announcements. General share repurchases represent 47,9% of total repurchases in volume (and 60,5% in terms of value). The total number of shares repurchased (excluding share trust purchases) by the 33 companies shows that 56,8% were repurchased by subsidiaries and 17,1% were subsequent repurchases by companies from subsidiaries. (In value, these repurchases represent 53,7% and 17,2%, respectively.)This study therefore concludes that research based on only the 3% SENS announcements of general share buy-backs results in significant understating of actual total share buy-back activities, and that the South African share repurchase environment presents unique challenges. The main obstacle for future South African research in this field however is the lack of comprehensive and accurate share repurchase data as supplied by South African financial data sources.This material is based upon work supported financially by the National Research Foundation. Any opinion, findings and conclusions or recommendations expressed in this material are those of the authors and therefore the NRF does not accept any liability in regard thereto.

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