Philip Bond, Hongda Zhong - December 31, 2016
Share repurchases naturally emerge in a repeated Myers and Majluf's world. Some firms strictly profit from the repurchase transaction. Some other firms lose money at repurchase, but can subsequently issue shares at more favorable prices. Worst firms directly issue without repurchases.
Published: Volume 29, Issue 6, pages 1409-1452, Review of Financial Studies