PAYOUT POLICY DURING MARKET-WIDE FINANCIAL CONSTRAINTS: EVIDENCE FROM THE COVID-19 DOWNTURN
Share repurchases are perceived as a flexible payout mechanism as it distributes free cash flow while mitigating the risk of underinvestment. It may be simpler to stop or trim share repurchases than dividend payments. We test the flexibility hypothesis of share repurchases using the Covid-19 econom...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Tuwhera Open Access Publisher
2023-01-01
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| Series: | Applied Finance Letters |
| Online Access: | https://ojs.aut.ac.nz/applied-finance-letters/article/view/597 |