https://scholars.lib.ntu.edu.tw/handle/123456789/494002
標題: | Debt-financed repurchases and credit ratings with the respect of free cash flow and repurchase purpose | 作者: | Chen N.-Y. CHEN KUN CHIH CHI-CHUN LIU |
關鍵字: | Credit ratings; Debt-financed repurchases; Free cash flow | 公開日期: | 2019 | 卷: | 47 | 起(迄)頁: | 23-36 | 來源出版物: | North American Journal of Economics and Finance | 摘要: | We find that the fraction of debt used to finance share repurchases is negatively associated with credit ratings. In particular, this association is more pronounced for firms with a high level of free cash flow. We further divide the sample by the repurchase purpose. We find that the associations between debt-financed repurchases, free cash flow, and credit ratings hold when the repurchase is made for the purpose of transferring shares to employees or for the purpose of equity conversion of convertible securities, but not when it is made for maintaining the company's credit. © 2018 |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/494002 | ISSN: | 10629408 | DOI: | 10.1016/j.najef.2018.11.013 |
顯示於: | 會計學系 |
在 IR 系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。