This paper proposes a new investor sentiment indicator that combines the use of principal
component analysis with web searches. This proposal provides economic meaning to the …

To analyze the problem of information asymmetry between investment institutions, investors,
and entrepreneurs, thereby protecting the interests of all parties and ensuring the income …

The prior literature indicates that financial policy (eg, payout policy) as well as accounting
policy (eg, conservatism) can be used to address incentive problems in firms but finds mixed …

We examine the key drivers behind management decisions on share repurchase from
various theoretical perspectives, including the free cash flow theory and the signaling …

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 …

This paper uses a novel method to assess the timing of corporate share repurchases by
examining abnormal returns after firms stop repurchasing shares. This method reveals …

The banking market is not an exception among other markets that are subjects to cases of
inefficient operation of the market mechanism. In this regard, this article is focused on …

The purpose of this study is to determine the market reaction to the share repurchase (buy
back) announcement that are indicated by the change of abnormal return and share trading …

We study firm-level characteristics that a manager would employ as signalling tools in order
to time the market (ie repurchases and issues). Following the market timing framework, we …

Estimates of risk premium derived from classical financial theory have consistently shown
deviations from the observed levels. These limitations have been linked to the rational …