Corporate Repurchase Decisions Following Mutual Fund Sales

被引：4
|
作者：
Dudley, Evan [1 ]
Manakyan, Ani [1 ]
机构：
[1] Univ Florida, Warrington Coll Business, Gainesville, FL 32610 USA
来源：
FINANCIAL MANAGEMENT | 2011年 / 40卷 / 04期
关键词：
OPEN-MARKET REPURCHASES; FREE CASH FLOW; SHARE REPURCHASES; STOCK REPURCHASES; PAYOUT POLICY; LIQUIDITY; DIVIDENDS; PROGRAMS; OFFERS; COSTS;
D O I：
10.1111/j.1755-053X.2011.01168.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines managerial response to widespread selling by mutual funds. We study the effect on share repurchases of liquidity-based price pressure measured by mutual fund transactions caused by capital outflows. Firms whose shares undergo widespread selling by funds experiencing large outflows are more likely to repurchase their own shares, controlling for the effect of returns on share repurchases. The empirical results suggest that firms act as buyers of last resort and provide price support for their own shares.
引用
收藏
页码：973 / 999
页数：27
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