Firm (re)valuation and payouts
研究发现股票回购的频率和规模在企业按价值价格比排序的十分位中呈倒U型，而股权发行呈对称相反模式，这无法用市场时机理论解释，而是支持了现金牛企业在资产重估后减少支付或增发股权的理论。
Abstract We document an inverted‐U pattern in the frequency and magnitude of share repurchases across firms arranged into deciles (value to price), and a symmetric opposite pattern in equity issuances. These patterns cannot be explained by the market timing theory, which predicts monotonically increasing share repurchases or decreasing equity issuances across deciles. Instead, these patterns can be explained by Chen and Lambrecht (2021) theory that “cash cow” firms with a target negative net debt ratio decrease payouts to shareholders (or raise equity) after a positive revaluation of their assets captured by high ratios. We demonstrate that the hump‐shaped patterns are driven largely by such firms with negative net debt ratio and by “mature” firms with low asset growth consistent with corporate lifecycle theory.