Abstract

http://ssrn.com/abstract=1144864
 
 

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Errors in Estimating Share Repurchases


Monica Banyi


University of Virginia (UVA) - McIntire School of Commerce

Edward Alexander Dyl


University of Arizona

Kathleen M. Kahle


University of Arizona - Department of Finance

June 12, 2008

Journal of Corporate Finance, Vol. 14, No. 4, 2008

Abstract:     
We examine the accuracy of various estimates of firms' repurchases of common stock used in earlier studies, and find high error rates in the most commonly used estimators. We also find that the procedure used to estimate open market share repurchases can significantly impact results. The Compustat-based measure, which is the most accurate, deviates from the actual number of shares repurchased by more than 30% in about 16% of the cases. We conclude that many studies should be revisited now that the SEC mandates disclosure of precise information about share repurchases in Forms 10-Q and 10-K.

Number of Pages in PDF File: 42

Keywords: stock repurchases, share repurchases

JEL Classification: G12, G35

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Date posted: June 16, 2008 ; Last revised: October 13, 2010

Suggested Citation

Banyi, Monica and Dyl, Edward Alexander and Kahle, Kathleen M., Errors in Estimating Share Repurchases (June 12, 2008). Journal of Corporate Finance, Vol. 14, No. 4, 2008. Available at SSRN: http://ssrn.com/abstract=1144864

Contact Information

Monica L. Banyi
University of Virginia (UVA) - McIntire School of Commerce ( email )
P.O. Box 400173
Charlottesville, VA 22904-4173
United States
Edward A. Dyl
University of Arizona ( email )
Department of Finance
Tucson, AZ 85721
United States
520-621-9534 (Phone)
520-621-1261 (Fax)
Kathleen M. Kahle (Contact Author)
University of Arizona - Department of Finance ( email )
McClelland Hall
P.O. Box 210108
Tucson, AZ 85721-0108
United States
520-621-7489 (Phone)
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