{"id":"https://openalex.org/W3124625045","doi":"https://doi.org/10.2307/3666337","title":"Motives for Multiple Open-Market Repurchase Programs","display_name":"Motives for Multiple Open-Market Repurchase Programs","publication_year":2003,"publication_date":"2003-01-01","ids":{"openalex":"https://openalex.org/W3124625045","doi":"https://doi.org/10.2307/3666337","mag":"3124625045"},"language":"en","primary_location":{"id":"doi:10.2307/3666337","doi":"https://doi.org/10.2307/3666337","is_oa":false,"landing_page_url":"https://doi.org/10.2307/3666337","pdf_url":null,"source":{"id":"https://openalex.org/S157946625","display_name":"Financial Management","issn_l":"0046-3892","issn":["0046-3892","1755-053X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-2","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Management","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.2139/ssrn.281569","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5102933124","display_name":"Murali Jagannathan","orcid":"https://orcid.org/0000-0002-9187-0508","observed_orcids":["https://orcid.org/0000-0002-9187-0508"]},"institutions":[{"id":"https://openalex.org/I123946342","display_name":"Binghamton University","ror":"https://ror.org/008rmbt77","country_code":"US","type":"education","lineage":["https://openalex.org/I123946342"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Murali Jagannathan","raw_affiliation_strings":["SUNY at Binghamton - School of Management, P.O. Box 6015, Binghamton, NY 13902-6015, United States"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"SUNY at Binghamton - School of Management, P.O. Box 6015, Binghamton, NY 13902-6015, United States","institution_ids":["https://openalex.org/I123946342"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5031928216","display_name":"Clifford P. Stephens","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I121820613","display_name":"Louisiana State University","ror":"https://ror.org/05ect4e57","country_code":"US","type":"education","lineage":["https://openalex.org/I121820613"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Clifford P. Stephens","raw_affiliation_strings":["Louisiana State University, Baton Rouge - E.J. Ourso College of Business Administration, Department of Finance, 2159 CEBA, Baton Rouge, LA 70803-6308, United States"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Louisiana State University, Baton Rouge - E.J. Ourso College of Business Administration, Department of Finance, 2159 CEBA, Baton Rouge, LA 70803-6308, United States","institution_ids":["https://openalex.org/I121820613"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5031928216"],"corresponding_institution_ids":["https://openalex.org/I121820613"],"apc_list":{"value":2850,"currency":"USD","value_usd":2850},"apc_paid":null,"fwci":14.7828,"has_fulltext":false,"cited_by_count":208,"citation_normalized_percentile":{"value":0.98453289,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":90,"max":100},"biblio":{"volume":"32","issue":"2","first_page":"71","last_page":"71"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9980000257492065,"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"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9980000257492065,"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":0.0012000000569969416,"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":0.00019999999494757503,"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"}}],"keywords":[{"id":"https://openalex.org/keywords/share-repurchases","display_name":"share repurchases","score":0.8489999771118164},{"id":"https://openalex.org/keywords/signaling-theory","display_name":"signaling theory","score":0.5690000057220459},{"id":"https://openalex.org/keywords/undervaluation","display_name":"undervaluation","score":0.8059999942779541},{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.7459999918937683},{"id":"https://openalex.org/keywords/institutional-ownership","display_name":"institutional ownership","score":0.734000027179718},{"id":"https://openalex.org/keywords/market-to-book-ratio","display_name":"market-to-book ratio","score":0.9190000295639038},{"id":"https://openalex.org/keywords/dividend-payout-ratio","display_name":"dividend payout ratio","score":0.7110000252723694},{"id":"https://openalex.org/keywords/abnormal-returns","display_name":"abnormal returns","score":0.6010000109672546},{"id":"https://openalex.org/keywords/stock-option-compensation","display_name":"stock option compensation","score":0.3230000138282776},{"id":"https://openalex.org/keywords/managerial-ownership","display_name":"managerial ownership","score":0.6779999732971191},{"id":"https://openalex.org/keywords/capital-expenditure","display_name":"capital expenditure","score":0.6150000095367432},{"id":"https://openalex.org/keywords/operational-performance","display_name":"operational performance","score":0.5490000247955322},{"id":"https://openalex.org/keywords/firm-size","display_name":"firm size","score":0.550000011920929},{"id":"https://openalex.org/keywords/debt-ratio","display_name":"debt ratio","score":0.5630000233650208},{"id":"https://openalex.org/keywords/repurchase-announcements","display_name":"repurchase announcements","score":0.5370000004768372}],"concepts":[{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6963974237442017},{"id":"https://openalex.org/C189722922","wikidata":"https://www.wikidata.org/wiki/Q667481","display_name":"Open market operation","level":3,"score":0.6467088460922241},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3765273094177246},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.2861676812171936},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.1961345374584198},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.2307/3666337","doi":"https://doi.org/10.2307/3666337","is_oa":false,"landing_page_url":"https://doi.org/10.2307/3666337","pdf_url":null,"source":{"id":"https://openalex.org/S157946625","display_name":"Financial Management","issn_l":"0046-3892","issn":["0046-3892","1755-053X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-2","norway-2","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Management","raw_type":"journal-article"},{"id":"doi:10.2139/ssrn.281569","doi":"https://doi.org/10.2139/ssrn.281569","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.281569","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"}],"best_oa_location":{"id":"doi:10.2139/ssrn.281569","doi":"https://doi.org/10.2139/ssrn.281569","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.281569","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/1","score":0.46000000834465027,"display_name":"No poverty"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":20,"referenced_works":["https://openalex.org/W1576401391","https://openalex.org/W1584950101","https://openalex.org/W1963631881","https://openalex.org/W2065601052","https://openalex.org/W2080226685","https://openalex.org/W2085168162","https://openalex.org/W2096449800","https://openalex.org/W2097188974","https://openalex.org/W2101346776","https://openalex.org/W2116374802","https://openalex.org/W2122341650","https://openalex.org/W2135921680","https://openalex.org/W2138729574","https://openalex.org/W2142856961","https://openalex.org/W2164426272","https://openalex.org/W3121387289","https://openalex.org/W3122215577","https://openalex.org/W3122993843","https://openalex.org/W3125805996","https://openalex.org/W4232578172"],"related_works":["https://openalex.org/W4386004814","https://openalex.org/W2177597697","https://openalex.org/W2296417375","https://openalex.org/W3085894759","https://openalex.org/W4238271587","https://openalex.org/W1852663741","https://openalex.org/W2075104633","https://openalex.org/W2083271508","https://openalex.org/W4301701435","https://openalex.org/W7113015203"],"abstract_inverted_index":{"This":[0],"paper":[1],"examines":[2],"the":[3,30,138,157,227],"differences":[4],"in":[5,77],"motives,":[6],"firm":[7],"characteristics,":[8],"market":[9,35,135],"performance":[10,14,211,225],"and":[11,80,113],"subsequent":[12],"operating":[13,78,107,210,224],"of":[15,33,96,199,208,222],"firms":[16,22,44,91,100],"that":[17,23,101,126,178],"repurchase":[18,24,36,46,102,139,214],"shares":[19,47],"frequently":[20],"versus":[21],"only":[25,202],"occasionally":[26],"or":[27,51,180],"infrequently.":[28],"With":[29],"growing":[31],"popularity":[32],"open":[34],"programs":[37],"it":[38],"has":[39],"become":[40],"relatively":[41,196],"common":[42],"for":[43,226],"to":[45,57,131,137,152],"on":[48,147],"a":[49,61,164,181],"regular":[50],"frequent":[52,191,213,229],"basis.":[53],"Frequent":[54,68],"repurchases":[55,86,150,160,170,192],"appear":[56,151],"be":[58,132,153],"motivated":[59],"by":[60,89,156,173,195],"different":[62],"rationale":[63],"from":[64],"more":[65,105,129],"infrequent":[66,119,159],"repurchases.":[67,230],"repurchasers":[69,120],"are":[70,87,128,141,161,171,193],"much":[71,165],"larger,":[72],"have":[73,104,121],"significantly":[74,109,114],"less":[75,228],"variation":[76],"income":[79],"higher":[81,115],"dividend":[82],"payout":[83],"ratios.":[84],"Infrequent":[85,169],"made":[88],"smaller":[90],"with":[92,143,163],"potentially":[93],"high":[94],"degrees":[95],"asymmetric":[97],"information.":[98],"The":[99,134],"infrequently":[103],"volatile":[106],"income,":[108],"lower":[110,122],"institutional":[111],"ownership":[112],"managerial":[116],"ownership.":[117],"Further,":[118],"market-to-book":[123],"ratios":[124],"suggesting":[125,177],"they":[127],"likely":[130],"undervalued.":[133],"reactions":[136],"announcements":[140],"consistent":[142],"these":[144,188],"ideas.":[145],"Although":[146],"average":[148],"all":[149],"viewed":[154],"favorably":[155],"market,":[158],"greeted":[162],"stronger":[166],"positive":[167],"reaction.":[168],"preceded":[172,194],"negative":[174],"abnormal":[175],"returns":[176],"undervaluation,":[179],"depressed":[182],"stock":[183],"price,":[184],"may":[185],"indeed":[186],"motivate":[187],"repurchases,":[189],"while":[190],"normal":[197],"rates":[198],"return.":[200],"Not":[201],"do":[203],"we":[204,217],"find":[205,219],"no":[206,220],"evidence":[207,221],"improved":[209,223],"following":[212],"announcements,":[215],"but":[216],"also":[218]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":13},{"year":2023,"cited_by_count":5},{"year":2022,"cited_by_count":4},{"year":2021,"cited_by_count":5},{"year":2020,"cited_by_count":12},{"year":2019,"cited_by_count":10},{"year":2018,"cited_by_count":13},{"year":2017,"cited_by_count":11},{"year":2016,"cited_by_count":13},{"year":2015,"cited_by_count":9},{"year":2014,"cited_by_count":18},{"year":2013,"cited_by_count":19},{"year":2012,"cited_by_count":14}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2021-02-01T00:00:00"}