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UID:e4b99c7ba7a9d7b203ed4a79cfc76b67
CATEGORIES:Seminars
CREATED:20230901T082716
SUMMARY:Lunch Seminar: Jacob Oded - Tel Aviv University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nWhy Do Firms Repurchase Their Overpriced Shares?\n\n\nAbstract:\nFirms 
 are commonly assumed to repurchase their shares to signal they are underpri
 ced (undervalued) or to take advantage of underpricing to enhance share val
 ue. However, recent empirical evidence indicates that actual repurchases ar
 e often performed when the stock is overpriced. This paper explains why fir
 ms may repurchase overpriced shares and characterizes the situations in whi
 ch this is likely to happen. We suggest that insiders' benefits from waste 
 of free cash have a substantial impact on the decision to repurchase and hi
 ghlight the importance of having good corporate governance in place when ma
 nagers get approval from the board to repurchase stock.\n
DTSTAMP:20260426T155857Z
DTSTART:20230920T130000Z
DTEND:20230920T140000Z
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TRANSP:OPAQUE
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