EconPapers    
Economics at your fingertips  
 

Are stock repurchases more flexible than dividends? The caseof Japanese firms

Naohiko Baba and Yoichi Ueno

Applied Financial Economics Letters, 2008, vol. 4, issue 5, 315-318

Abstract: This article investigates the flexibility hypothesis of stock repurchases relative to dividends using the panel data of 577 Japanese firms. The estimation result of the partial adjustment model shows that the coefficient of adjustment speed towards the target payouts is higher for total payouts defined as the sum of dividends and stock repurchases (62.4%) than dividends only (34.3%). This result suggests that stock repurchases are more flexible than dividends in Japan.

Date: 2008
References: Add references at CitEc
Citations Track citations by RSS feed

Downloads: (external link)
http://www.informaworld.com/openurl?genre=article& ... 40C6AD35DC6213A474B5 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:apfelt:v:4:y:2008:i:5:p:315-318

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RAFL20

Access Statistics for this article

Applied Financial Economics Letters is currently edited by Mark Taylor

More articles in Applied Financial Economics Letters from Taylor and Francis Journals
Series data maintained by Chris Longhurst ().

 
Page updated 2017-10-21
Handle: RePEc:taf:apfelt:v:4:y:2008:i:5:p:315-318