We propose a model of dynamic share repurchase. The model highlights the central importance of payout for corporate decisions. Our two main results are: (1) free cash flows depends on the operating cash flows changes; (2) optimal share repurchase timing is decided by the relative changes between the free cash flow and dividends.
CITATION STYLE
Chang, C. P., Tsai, Y. S., Tzang, S. W., & Zubairi, Y. Z. (2019). A dynamic model of optimal share repurchase. In Advances in Intelligent Systems and Computing (Vol. 773, pp. 808–811). Springer Verlag. https://doi.org/10.1007/978-3-319-93554-6_80
Mendeley helps you to discover research relevant for your work.