关于公开市场回购计划的自愿披露

IF 3.2 3区 管理学 Q1 BUSINESS, FINANCE Contemporary Accounting Research Pub Date : 2024-01-24 DOI:10.1111/1911-3846.12937
Leonce Bargeron, Alice Bonaimé, William Docimo, Mei Feng, Shawn Thomas
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引用次数: 0

摘要

本文研究了企业暂停、恢复或完成公开市场回购计划的自愿披露情况。回购状态更新的自愿披露很常见,而且与价值相关。它们还为后续回购活动提供了信息:与未披露回购状态变化的公司相比,自愿披露者更有可能完成其回购计划并启动新的回购计划。此外,披露回购暂停的公司在随后的回购授权中会获得更大的回报,这与通过自愿披露坏消息建立透明度声誉的回报是一致的。最后,利用回购报告要求的变化,我们发现当强制性披露增加时,自愿更新的频率会降低。然而,一个重要的例外情况是宏观经济不确定性较高时,如经济大衰退和 COVID-19 大流行期间。
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Voluntary disclosures regarding open market repurchase programs

This paper studies voluntary disclosures that firms have suspended, resumed, or completed their open market repurchase programs. Voluntary disclosures of repurchase status updates are common and value-relevant. They also inform subsequent repurchase activities: voluntary disclosers are more likely to complete their repurchase programs and to initiate new repurchase programs than firms with undisclosed repurchase status changes. Moreover, firms that disclose repurchase suspensions experience larger returns to subsequent repurchase authorizations, consistent with a reward for establishing a reputation for transparency via voluntary bad news disclosure. Finally, exploiting a change in repurchase reporting requirements, we document that voluntary updates are less frequent when mandatory disclosure increases. An important exception, however, is when macroeconomic uncertainty is high, such as during the Great Recession and the COVID-19 pandemic.

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来源期刊
CiteScore
6.20
自引率
11.10%
发文量
97
期刊介绍: Contemporary Accounting Research (CAR) is the premiere research journal of the Canadian Academic Accounting Association, which publishes leading- edge research that contributes to our understanding of all aspects of accounting"s role within organizations, markets or society. Canadian based, increasingly global in scope, CAR seeks to reflect the geographical and intellectual diversity in accounting research. To accomplish this, CAR will continue to publish in its traditional areas of excellence, while seeking to more fully represent other research streams in its pages, so as to continue and expand its tradition of excellence.
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