We test the signaling and wealth transfer hypotheses around the announcement of share repurchases using a recent and larger sample of data than previously examined while employing a methodology designed to enhance the power of our tests.
Penney's, based in Plano, Tex., said it would begin a $900 million share repurchase plan, using cash reserves, in March.
Under current rules, companies must retire repurchased shares or use them to back employee stock options programs, which few Japanese companies have.
The shares will be bought back through an accelerated stock repurchase agreement with Barclays Bank using a previous stock-buyback authorization and an incremental $10 million approved by the company on Sunday.
The Simon Property Group and Westfield America Inc. yesterday accused Taubman Centers Inc. of improperly using its share repurchase program to thwart a hostile takeover bid.
"Once we've recovered economic growth, we would emit long-term debt at lower interest rates so that with those resources we can, using market mechanisms, repurchase or pay off short-term debt with a high cost," said Lasso.
Yellen and Tarullo have both explained methods to reduce the bomb using reverse repurchase agreements (reverse repos).
According to the Report of the U.S. Trustee-appointed Examiner Anton R. Valukas, Lehman presented a misleading picture of its financial condition to the public by using extensive repurchase agreements known as Repo 105 transactions.
Interestingly, 378, which had previously been disposed of in 1986, was repurchased and refurbished for use as a restaurant tram and was launched on 1 November 1990 as the 'Adelaide Tram Car Restaurant', run by a private operator.
The company also has been selling off nonpharmaceutical assets and using the proceeds to repurchase more shares.
