Liquidity, Ownership Structure, and Market Share Repurchases: Evidence from Japan

22 Pages Posted: 22 Aug 2011

Date Written: August 22, 2011

Abstract

Our empirical results show that the companies with higher market liquidity and shorter investment horizons by their shareholders tend to initiate market share repurchases. Such companies also have a higher value and percentage of repurchases with respect to total payout. Japanese companies’ unique shareholder ownership structure should have an influence on payout policies.

Keywords: Share repurchase, liquidity, investment horizon, ownership structure

JEL Classification: G10, G14, G35

Suggested Citation

Hoda, Takaaki and Uno, Jun, Liquidity, Ownership Structure, and Market Share Repurchases: Evidence from Japan (August 22, 2011). Available at SSRN: https://ssrn.com/abstract=1914152 or http://dx.doi.org/10.2139/ssrn.1914152

Takaaki Hoda (Contact Author)

Kobe Univerity ( email )

3-7-2 Shimiyoshiyamate
Higashinada-ku
Kobe, Hyogo 658-0063, Hyogo 657-8501
Japan

Jun Uno

Waseda University ( email )

1-6-1 Nishi-Waseda
Shinjuku-ku
Tokyo, 1698050
Japan

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