{"id":"https://openalex.org/W2484985865","doi":null,"title":"Empirical studies on share issuance and repurchase decisions","display_name":"Empirical studies on share issuance and repurchase decisions","publication_year":2016,"publication_date":"2016-01-01","ids":{"openalex":"https://openalex.org/W2484985865","mag":"2484985865"},"language":"en","primary_location":{"id":"pmh:oai:theses.gla.ac.uk:7483","doi":null,"is_oa":true,"landing_page_url":"http://orcid.org/0000-0003-2563-4555>","pdf_url":"https://theses.gla.ac.uk/7483/1/2016GyimahPhD.pdf","source":{"id":"https://openalex.org/S4306401724","display_name":"Enlighten: Theses (The University of Glasgow)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I7882870","host_organization_name":"University of Glasgow","host_organization_lineage":["https://openalex.org/I7882870"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Thesis"},"volume":null,"type":"dissertation","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://theses.gla.ac.uk/7483/1/2016GyimahPhD.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5067120196","display_name":"Daniel Gyimah","orcid":"https://orcid.org/0000-0003-2563-4555","observed_orcids":["https://orcid.org/0000-0003-2563-4555"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Daniel Gyimah","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0003-2563-4555","affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5067120196"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0006000000284984708,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.00039999998989515007,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-constraints","display_name":"financial constraints","score":0.9089999794960022},{"id":"https://openalex.org/keywords/stock-issuance","display_name":"share issuance","score":0.6520000100135803},{"id":"https://openalex.org/keywords/share-repurchases","display_name":"share repurchases","score":0.7710000276565552},{"id":"https://openalex.org/keywords/market-timing","display_name":"market timing","score":0.6610000133514404},{"id":"https://openalex.org/keywords/financial-crises","display_name":"financial crisis","score":0.6320000290870667},{"id":"https://openalex.org/keywords/market-liquidity","display_name":"market liquidity","score":0.6729999780654907},{"id":"https://openalex.org/keywords/rights-issues","display_name":"rights issues","score":0.734000027179718},{"id":"https://openalex.org/keywords/private-placements","display_name":"private placements","score":0.6380000114440918},{"id":"https://openalex.org/keywords/operational-performance","display_name":"operational performance","score":0.8920000195503235},{"id":"https://openalex.org/keywords/stock-returns","display_name":"stock returns","score":0.6959999799728394},{"id":"https://openalex.org/keywords/executive-compensation","display_name":"executive compensation","score":0.34200000762939453},{"id":"https://openalex.org/keywords/ceo-duality","display_name":"CEO duality","score":0.44999998807907104},{"id":"https://openalex.org/keywords/ceo-turnover","display_name":"CEO turnover","score":0.4309999942779541}],"concepts":[{"id":"https://openalex.org/C2778776786","wikidata":"https://www.wikidata.org/wiki/Q1455109","display_name":"External financing","level":3,"score":0.7291012406349182},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.6856290698051453},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5923151969909668},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.5595563650131226},{"id":"https://openalex.org/C47702881","wikidata":"https://www.wikidata.org/wiki/Q1303118","display_name":"Internal financing","level":3,"score":0.5446552038192749},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.5349660515785217},{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.4780324399471283},{"id":"https://openalex.org/C2994348538","wikidata":"https://www.wikidata.org/wiki/Q827451","display_name":"Equity financing","level":3,"score":0.434693306684494},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.36519578099250793},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3562922179698944},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3035838007926941},{"id":"https://openalex.org/C137577040","wikidata":"https://www.wikidata.org/wiki/Q431965","display_name":"Information asymmetry","level":2,"score":0.1357189118862152},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.1040591299533844},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:theses.gla.ac.uk:7483","doi":null,"is_oa":true,"landing_page_url":"http://orcid.org/0000-0003-2563-4555>","pdf_url":"https://theses.gla.ac.uk/7483/1/2016GyimahPhD.pdf","source":{"id":"https://openalex.org/S4306401724","display_name":"Enlighten: Theses (The University of Glasgow)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I7882870","host_organization_name":"University of Glasgow","host_organization_lineage":["https://openalex.org/I7882870"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Thesis"},{"id":"mag:2484985865","doi":null,"is_oa":false,"landing_page_url":"https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.691230","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":{"id":"pmh:oai:theses.gla.ac.uk:7483","doi":null,"is_oa":true,"landing_page_url":"http://orcid.org/0000-0003-2563-4555>","pdf_url":"https://theses.gla.ac.uk/7483/1/2016GyimahPhD.pdf","source":{"id":"https://openalex.org/S4306401724","display_name":"Enlighten: Theses (The University of Glasgow)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I7882870","host_organization_name":"University of Glasgow","host_organization_lineage":["https://openalex.org/I7882870"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Thesis"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2484985865.pdf","grobid_xml":"https://content.openalex.org/works/W2484985865.grobid-xml"},"referenced_works_count":195,"referenced_works":["https://openalex.org/W148329840","https://openalex.org/W1480226944","https://openalex.org/W1493636442","https://openalex.org/W1495571942","https://openalex.org/W1555468227","https://openalex.org/W1600024744","https://openalex.org/W1963631881","https://openalex.org/W1968479420","https://openalex.org/W1976331115","https://openalex.org/W1976630014","https://openalex.org/W1977053286","https://openalex.org/W1979631468","https://openalex.org/W1980777141","https://openalex.org/W1982596759","https://openalex.org/W1984068621","https://openalex.org/W1984524168","https://openalex.org/W1987027788","https://openalex.org/W1989387771","https://openalex.org/W1991384670","https://openalex.org/W1991428446","https://openalex.org/W1991613039","https://openalex.org/W1993106231","https://openalex.org/W1993161130","https://openalex.org/W1993534681","https://openalex.org/W1995413496","https://openalex.org/W1995834279","https://openalex.org/W1999114729","https://openalex.org/W2000143122","https://openalex.org/W2000619006","https://openalex.org/W2003451437","https://openalex.org/W2004064117","https://openalex.org/W2005938225","https://openalex.org/W2006617875","https://openalex.org/W2008511691","https://openalex.org/W2010917876","https://openalex.org/W2014045434","https://openalex.org/W2017713899","https://openalex.org/W2019986481","https://openalex.org/W2021591722","https://openalex.org/W2024240403","https://openalex.org/W2024352682","https://openalex.org/W2026648205","https://openalex.org/W2029248759","https://openalex.org/W2029249721","https://openalex.org/W2029333364","https://openalex.org/W2035454791","https://openalex.org/W2036468478","https://openalex.org/W2045122965","https://openalex.org/W2047055892","https://openalex.org/W2052161560","https://openalex.org/W2054673466","https://openalex.org/W2057835195","https://openalex.org/W2058516498","https://openalex.org/W2059022232","https://openalex.org/W2061630168","https://openalex.org/W2062778220","https://openalex.org/W2064067537","https://openalex.org/W2064726615","https://openalex.org/W2065601052","https://openalex.org/W2066482325","https://openalex.org/W2069090016","https://openalex.org/W2069223897","https://openalex.org/W2074648283","https://openalex.org/W2075104633","https://openalex.org/W2076161125","https://openalex.org/W2081113003","https://openalex.org/W2082920079","https://openalex.org/W2088251095","https://openalex.org/W2090268089","https://openalex.org/W2090477211","https://openalex.org/W2093521977","https://openalex.org/W2094218890","https://openalex.org/W2096449800","https://openalex.org/W2101346776","https://openalex.org/W2102558868","https://openalex.org/W2103423120","https://openalex.org/W2104796460","https://openalex.org/W2105024409","https://openalex.org/W2105453506","https://openalex.org/W2107947552","https://openalex.org/W2108464800","https://openalex.org/W2108817771","https://openalex.org/W2109209877","https://openalex.org/W2110000008","https://openalex.org/W2112610284","https://openalex.org/W2114061922","https://openalex.org/W2118114202","https://openalex.org/W2118519536","https://openalex.org/W2119621677","https://openalex.org/W2120554479","https://openalex.org/W2123214606","https://openalex.org/W2124115302","https://openalex.org/W2124532504","https://openalex.org/W2126424896","https://openalex.org/W2126603824","https://openalex.org/W2126903234","https://openalex.org/W2127956091","https://openalex.org/W2128778916","https://openalex.org/W2129548316","https://openalex.org/W2129636650","https://openalex.org/W2131055507","https://openalex.org/W2131124263","https://openalex.org/W2131456352","https://openalex.org/W2132063662","https://openalex.org/W2132736270","https://openalex.org/W2135538363","https://openalex.org/W2135779610","https://openalex.org/W2138729574","https://openalex.org/W2146930477","https://openalex.org/W2148402268","https://openalex.org/W2149170345","https://openalex.org/W2149962988","https://openalex.org/W2151088980","https://openalex.org/W2151607905","https://openalex.org/W2154431857","https://openalex.org/W2154860111","https://openalex.org/W2158683612","https://openalex.org/W2162315903","https://openalex.org/W2164577970","https://openalex.org/W2165693776","https://openalex.org/W2166215547","https://openalex.org/W2168051602","https://openalex.org/W2171092935","https://openalex.org/W2223768511","https://openalex.org/W2262311588","https://openalex.org/W2341795385","https://openalex.org/W2752617332","https://openalex.org/W2763199793","https://openalex.org/W3022225134","https://openalex.org/W3087316049","https://openalex.org/W3121131820","https://openalex.org/W3121408182","https://openalex.org/W3121412040","https://openalex.org/W3121720731","https://openalex.org/W3121735836","https://openalex.org/W3121869985","https://openalex.org/W3121938770","https://openalex.org/W3122051430","https://openalex.org/W3122095874","https://openalex.org/W3122110199","https://openalex.org/W3122206384","https://openalex.org/W3122213201","https://openalex.org/W3122215577","https://openalex.org/W3122295924","https://openalex.org/W3122332765","https://openalex.org/W3122349187","https://openalex.org/W3122368200","https://openalex.org/W3122420217","https://openalex.org/W3122420571","https://openalex.org/W3122547505","https://openalex.org/W3122550102","https://openalex.org/W3122651523","https://openalex.org/W3122805608","https://openalex.org/W3122993843","https://openalex.org/W3123002126","https://openalex.org/W3123062155","https://openalex.org/W3123142049","https://openalex.org/W3123339522","https://openalex.org/W3123363562","https://openalex.org/W3123413452","https://openalex.org/W3123444304","https://openalex.org/W3123542436","https://openalex.org/W3123588207","https://openalex.org/W3123792314","https://openalex.org/W3123833694","https://openalex.org/W3124012175","https://openalex.org/W3124046399","https://openalex.org/W3124167540","https://openalex.org/W3124450204","https://openalex.org/W3124625045","https://openalex.org/W3124789870","https://openalex.org/W3124796920","https://openalex.org/W3124871904","https://openalex.org/W3125000257","https://openalex.org/W3125011891","https://openalex.org/W3125087107","https://openalex.org/W3125140140","https://openalex.org/W3125140669","https://openalex.org/W3125159412","https://openalex.org/W3125324552","https://openalex.org/W3125402871","https://openalex.org/W3125450538","https://openalex.org/W3125554563","https://openalex.org/W3125654204","https://openalex.org/W3125665227","https://openalex.org/W3125805996","https://openalex.org/W3125827038","https://openalex.org/W3125844731","https://openalex.org/W3125846858","https://openalex.org/W3125934511","https://openalex.org/W3125942457","https://openalex.org/W3125989660","https://openalex.org/W4240307802","https://openalex.org/W4242883892","https://openalex.org/W4393388995"],"related_works":["https://openalex.org/W7111964167","https://openalex.org/W2096031722","https://openalex.org/W2425330479","https://openalex.org/W2523685158","https://openalex.org/W2348680721","https://openalex.org/W3184954229","https://openalex.org/W2308623151","https://openalex.org/W1990762824","https://openalex.org/W4234971225","https://openalex.org/W2913998015"],"abstract_inverted_index":{"Financial":[0,82],"constraints":[1,75,83,87,97,132,142,188,200],"influence":[2],"corporate":[3],"policies":[4],"of":[5,17,38,43,49,59,70,73,103,130,165,173,192,243,293,359,429,442,467,590,593,607,628,638],"firms,":[6,308],"including":[7],"both":[8,85,110,602],"investment":[9,512],"decisions":[10],"and":[11,25,61,79,94,113,133,156,168,185,322,342,362,389,406,418,445,452,604,633],"external":[12,39,50,92,95,104,174,186,229,244,288,486,521],"financing":[13,51,93,141,167,187,290],"policies.":[14],"The":[15,106,122,217,315],"relevance":[16],"this":[18,503],"phenomenon":[19],"has":[20],"become":[21],"more":[22,263,567],"pronounced":[23],"during":[24,270,291],"after":[26,395],"the":[27,41,47,71,89,101,127,151,171,177,180,213,228,233,319,332,422,427,456,460,463,557,579,583,587,591,615,626,636,639],"recent":[28],"financial":[29,44,74,96,131,154,161,199,631],"crisis":[30,45,155],"in":[31,205,331,397,586],"2007/2008.":[32],"In":[33,455],"addition":[34],"to":[35,100,146,182,255,265,279,286,306,382,399,476,518,533,582],"raising":[36],"costs":[37,172,242],"financing,":[40],"effects":[42,72,129,627],"limited":[46],"availability":[48,164],"which":[52,183],"had":[53],"implications":[54],"for":[55,91],"employment,":[56],"investment,":[57],"sale":[58],"assets,":[60],"tech":[62],"spending.":[63],"This":[64,195,345],"thesis":[65],"provides":[66],"a":[67,202,356],"comprehensive":[68],"analysis":[69],"on":[76,136,630],"share":[77,137,465,493,536,612],"issuance":[78,120,138,328,351,396,430],"repurchases":[80,494],"decisions.":[81,139],"comprise":[84],"internal":[86,184,481],"reflecting":[88],"demand":[90],"that":[98,198,220,248,275,348,402,448,491,515,527,598],"relate":[99],"supply":[102],"financing.":[105,175,523],"study":[107,178,196,346,461],"also":[108],"examines":[109,318],"operating":[111,320,360,374,387,424],"performance":[112,321,361,388,425],"stock":[114,303,323,364,393,435,571],"market":[115,134,158,190,231,580,599],"reactions":[116,600],"associated":[117,325,354,371,384,546,565,610],"with":[118,326,355,372,385,547,566,611],"equity":[119,166,193,210,226,230,268,289,327,336,350,640],"methods.":[121,329],"first":[123],"empirical":[124,458],"chapter":[125,317],"explores":[126,179,462],"simultaneous":[128],"timing":[135,191],"Internal":[140],"limit":[143,189,625],"firms\u2019":[144],"ability":[145],"issue":[147,224,256,266,312,335,403],"overvalued":[148,225,257,267,313],"equity.":[149,258,314],"On":[150],"other":[152],"hand,":[153],"low":[157,301,574],"liquidity":[159],"(external":[160],"constraints)":[162],"restrict":[163],"consequently":[169],"increase":[170,246],"Therefore,":[176],"extent":[181],"issues.":[194],"finds":[197],"play":[201],"significant":[203,294],"role":[204],"whether":[206],"firms":[207,223,251,261,274,299,401,412,440,447,473,501,531,544,563,616],"time":[208,428],"their":[209,478,535],"issues":[211,378],"when":[212,227,310,506,538],"shares":[214,479],"are":[215,237,252,262,283,353,370,379,441,474,495,545,564],"overvalued.":[216],"conclusion":[218],"is":[219,525],"financially":[221,249,469,529],"constrained":[222,250,298],"or":[232,511],"general":[234],"economic":[235,295],"conditions":[236],"favourable.":[238],"During":[239],"recessionary":[240],"periods,":[241],"finance":[245,280,534],"such":[247],"less":[253,284,390,548],"likely":[254,264,285],"Only":[259],"unconstrained":[260,307,470,498,530],"even":[269],"crisis.":[271],"Similarly,":[272],"small":[273],"need":[276],"cash":[277,623],"flows":[278],"growth":[281],"projects":[282],"access":[287],"period":[292],"recessions.":[296],"Moreover,":[297],"have":[300,508],"average":[302],"returns":[304,324,394,551,572],"compared":[305],"especially":[309],"they":[311,507,539,620],"second":[316],"Firms":[330,366],"UK":[333],"can":[334],"through":[337,485],"rights":[338,377,410],"issues,":[339],"open":[340,407,416,450],"offers,":[341],"private":[343,368,404,419,453],"placement.":[344,454],"argues":[347],"alternative":[349],"methods":[352],"different":[357],"level":[358,592],"long-term":[363,392],"returns.":[365],"using":[367,480],"placement":[369,420],"poor":[373],"performance.":[375],"However,":[376,488],"found":[380,526],"empirically":[381],"be":[383],"higher":[386],"negative":[391],"comparison":[398],"counterpart":[400],"placements":[405],"offers.":[408],"Thus,":[409],"issuing":[411,439],"perform":[413],"better":[414,443],"than":[415,484,552,573],"offers":[417,451],"because":[421],"favourable":[423],"at":[426],"generates":[431],"subsequent":[432],"positive":[433,549,568,608],"long-run":[434,569],"price":[436],"response.":[437],"Right":[438],"quality":[444],"outperform":[446],"adopt":[449],"third":[457],"chapter,":[459],"levered":[464,492,558,584],"repurchase":[466,477,504,537,543,554,559,585],"internally":[468,528],"firms.":[471,499,555,576],"Unconstrained":[472],"expected":[475],"funds":[482],"rather":[483],"borrowings.":[487],"evidence":[489],"shows":[490],"common":[496],"among":[497],"These":[500,595],"display":[502],"behaviour":[505],"bond":[509],"ratings":[510,514],"grade":[513],"allow":[516],"them":[517],"obtain":[519],"cheap":[520],"debt":[522],"It":[524,577],"borrow":[532],"invest":[540],"more.":[541],"Levered":[542],"abnormal":[550,570],"unlevered":[553],"For":[556],"sample,":[560],"high":[561],"investing":[562,575],"appears":[578],"underreact":[581],"short-run":[588],"regardless":[589],"investments.":[594],"findings":[596],"indicate":[597],"reflect":[601],"undervaluation":[603],"signaling":[605],"hypotheses":[606],"information":[609],"repurchase.":[613],"As":[614],"undertake":[617],"capital":[618],"investments,":[619],"generate":[621],"future":[622],"flows,":[624],"leverage":[629],"distress":[632],"ultimately":[634],"reduce":[635],"risk":[637],"capital.":[641]},"counts_by_year":[],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-08-23T00:00:00"}
