Time-Series Behavior of Share Repurchases and Dividends
用时间序列方法检验股票回购和股利的动机，发现回购与暂时性盈利相关，而股利则不然，两者是不完全替代品。
Abstract Given the growth in the importance and popularity of share repurchases, we use an alternative time-series approach to test two hypotheses on the motives for share repurchases and dividends: the flexibility hypothesis and the substitution hypothesis. By investigating both share repurchase and dividend payout policies in the context of a time-series vector autoregression, we account for the dynamic and multi-dimensional nature of the two payout policies. We find that share repurchases are associated with temporary components of earnings, whereas dividends are not, and that share repurchases and dividends are imperfect substitutes.