Price Ceiling, Market Structure, and Payout Policies

To prevent firms from manipulating prices, U.S. regulators set price ceilings for open-market share repurchases. We find that market structure reforms in the 1990s and 2000s dramatically increased share repurchases because they relaxed constraints that prevent firms from competing with other traders...

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Veröffentlicht in:	NBER Working Paper Series 2020-11
Hauptverfasser:	Zheng, Miles, Ye, Mao, Li, Xiongshi
Format:	Artikel
Sprache:	eng
Schlagworte:	Asset Pricing Bids Capital gains Competition Corporate Finance Dividends Economic theory Price ceilings Puzzles Securities buybacks Stock exchanges
Online-Zugang:	Volltext
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