G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w28054
来源IDWorking Paper 28054
Price Ceiling, Market Structure, and Payout Policies
Mao Ye; Miles Zheng; Xiongshi Li
发表日期2020-11-09
出版年2020
语种英语
摘要To prevent firms from manipulating prices, U.S. regulators set price ceilings for open-market share repurchases. We find that market structure reforms in the 1990s and 2000s dramatically increased share repurchases because they relaxed constraints that prevent firms from competing with other traders under price ceilings. The 2016 Tick Size Pilot, a controlled experiment that partially reversed previous reforms, significantly reduced share repurchases. Market structure frictions provide a unified explanation for two puzzles: the dividend puzzle exists because previous research has overlooked market structure frictions; share repurchases increase relative to dividends over time because market structure reforms gradually reduce these frictions.
主题Financial Economics ; Financial Markets ; Corporate Finance
URLhttps://www.nber.org/papers/w28054
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/585727
推荐引用方式
GB/T 7714
Mao Ye,Miles Zheng,Xiongshi Li. Price Ceiling, Market Structure, and Payout Policies. 2020.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
w28054.pdf(448KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Mao Ye]的文章
[Miles Zheng]的文章
[Xiongshi Li]的文章
百度学术
百度学术中相似的文章
[Mao Ye]的文章
[Miles Zheng]的文章
[Xiongshi Li]的文章
必应学术
必应学术中相似的文章
[Mao Ye]的文章
[Miles Zheng]的文章
[Xiongshi Li]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w28054.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。