Bonus-Driven Repurchases

被引：66

作者：

Cheng, Yingmei ^{[1
]}

Harford, Jarrad ^{[2
]}

Zhang, Tianming ^{[1
]}

机构：

[1] Florida State Univ, Coll Business, Tallahassee, FL 32306 USA

[2] Univ Washington, Foster Sch Business, Seattle, WA 98195 USA

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2015年 / 50卷 / 03期

关键词：

CORPORATE PAYOUT POLICY; STOCK REPURCHASES; SHARE REPURCHASES; EARNINGS MANAGEMENT; INTERNAL CONTROL; CASH-FLOW; DIVIDENDS; PERFORMANCE; INFORMATION; PERSISTENCE;

D O I：

10.1017/S0022109015000149

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a large hand-collected database of chief executive officer (CEO) bonus structures, we find that when a CEO's bonus is directly tied to earnings per share (EPS), his company is more likely to conduct a buyback. This effect is especially pronounced when a company's EPS is right below the threshold for a bonus award. Share repurchasing increases the probability the CEO receives a bonus and the magnitude of that bonus, but only when bonus pay is EPS based. Bonus-driven repurchasing firms do not exhibit positive long-run abnormal returns.

引用

页码：447 / 475

页数：29

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