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Effect of Stock Price Information on Timing of Share Repurchases
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In this article, the authors investigated whether private information newly incorporated into stock price enhances performance in timing share repurchases and concluded that managers possess better market timing skill by obtaining more cost saving from their share-repurchases when private information is reflected in stock price.Citations
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The impact of the share buyback process on financial performance: An economic and accounting perspective. Evidence from Egypt
TL;DR: In this paper , the authors investigated the impact of the share buyback process and its motives on financial performance from an accounting and economic perspective, and found that management's motives to buy back shares affect a company's financial performance.
References
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Market Liquidity and Performance Monitoring
Bengt Holmstrom,Jean Tirole +1 more
TL;DR: In this article, the authors study the value of the stock market as a monitor of managerial performance and show that the stock price incorporates performance information that cannot be extracted from the firm's current or future profit data.
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Value-Enhancing Capital Budgeting and Firm-specific Stock Return Variation
TL;DR: In this paper, a robust cross-sectional positive association across industries between a measure of the economic efficiency of corporate investment and the magnitude of firmspecific variation in stock returns was found.
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The Going‐Public Decision and the Development of Financial Markets
TL;DR: In this paper, the authors explore the linkages between stock price efficiency, the choice between private and public financing, and the development of capital markets in emerging economies, and show that the advantage of public financing is high if costly information is diverse and cheap to acquire, and if investors receive valuable information without cost.
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Financial Markets And The Allocation Of Capital
Jeffrey Wurgler,Jeffrey Wurgler +1 more
TL;DR: This article found that the efficiency of capital allocation is negatively correlated with the extent of state ownership in the economy, and positively associated with the degree of firm-specific movement in domestic stock returns and the legal protection of investors.
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Price Informativeness and Investment Sensitivity to Stock Price
TL;DR: The authors empirically examined the effect of price informativeness on the sensitivity of investment to stock price and found that price non-synchronicity and PIN measures are correlated with sensitivity to stock prices.
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