| Project/Area Number |
05630080
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| Research Category |
Grant-in-Aid for General Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Research Field |
Business administration
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| Research Institution | Fukuoka University |
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Principal Investigator |
ICHIMURA Shozo FUKUOKA UNIVERSITY,Faculty of Commerce, Prof., 商学部, 教授 (30037113)
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| Project Period (FY) |
1993 – 1995
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| Project Status |
Completed (Fiscal Year 1995)
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| Budget Amount *help |
¥1,300,000 (Direct Cost: ¥1,300,000)
Fiscal Year 1995: ¥300,000 (Direct Cost: ¥300,000)
Fiscal Year 1994: ¥400,000 (Direct Cost: ¥400,000)
Fiscal Year 1993: ¥600,000 (Direct Cost: ¥600,000)
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| Keywords | Tender-Offer / Dutch Auction / ESOP / Share Repurchase / Signalling Theory / Dilution / Redemption of Stock / Corporate Finance / テンダー・オッファー / フリー・キャッシュ・フロー / MM理論 / 株主の異質性 / 競争入札 / 株式市場 / 同質的株式評価 / ダッチ・オークション / MM論理 |
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| Research Abstract |
In this study, we review the rationale for stock repurchases in the context of verious situation of institutional, legal and individual firms. In the absence of informational asymmetries between stockho lders and management, and in the absence of differential tax rates and transactions costs, dividends and repurchasings shares are equivalent. We clarify this in various model analysises.However, the results of the empirical investigations suggest that the differences in the rates at which capital gains and dividends are taxd influence demand for stock repurchases. This is clear in shareholders 'attitudes for Dutch Auction repurchases or in a feature of the up-ward-sloping supply curve. This suggests the heterogeneous nature of shareholders in spite of the homogeneous hyposesis in the model analyzes.
We also investigate the interaction between the stock repurchases and the Employee Stock Ownership Plan (ESOP). The investigation suggests that the stock repurchases and ESOP determine simultaneously the financial restructuring strategey of the firms.
Contents :
1. Introduction-Increasing Tendency of the Stock Repurchases in American Corporation Finance.
2. Expanding of Dutch Auctions for Stock Repurchases in U.S.A.
3. The Upward-Sloping Supply Curves in Dutch Auction Repurchases and--Its Implications for Theory of Finance
4. A Comparative Study of Three Forms of Stock Repurchases
5. The Expansion of the ESOPs in U.S.A.Public Companies and Its Implications
6. The Mass Emergence of Employee Ownership in U.S.Public Companies and Its Implications for Corporate Finance
7. Model Analysis and Recent Practices of The Stock Repurchases in Japan
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