Essec\Faculty\Model\Contribution {#2233
  #_index: "academ_contributions"
  #_id: "2203"
  #_source: array:26 [
    "id" => "2203"
    "slug" => "payout-policy-choices-and-shareholder-investment-horizons"
    "yearMonth" => "2013-01"
    "year" => "2013"
    "title" => "Payout Policy Choices and Shareholder Investment Horizons"
    "description" => "GASPAR, J.M., MASSA, M., MATOS, P., PATGIRI, R. et REHMAN, Z. (2013). Payout Policy Choices and Shareholder Investment Horizons. <i>Review of Finance (ex European Finance Review)</i>, 17(1), pp. 261-320."
    "authors" => array:5 [
      0 => array:3 [
        "name" => "GASPAR José-Miguel"
        "bid" => "B00015852"
        "slug" => "gaspar-jose-miguel"
      ]
      1 => array:1 [
        "name" => "MASSA M."
      ]
      2 => array:1 [
        "name" => "MATOS P."
      ]
      3 => array:1 [
        "name" => "PATGIRI R."
      ]
      4 => array:1 [
        "name" => "REHMAN Z."
      ]
    ]
    "ouvrage" => ""
    "keywords" => array:5 [
      0 => "Hétérogénéité des actionnaires"
      1 => "Horizon d'investissement"
      2 => "Investisseurs institutionnels"
      3 => "Politique de paiement"
      4 => "Rachats d'actions"
    ]
    "updatedAt" => "2021-02-02 16:16:18"
    "publicationUrl" => "https://www.researchgate.net/publication/265118908_Payout_Policy_Choices_and_Shareholder_Investment_Horizons"
    "publicationInfo" => array:3 [
      "pages" => "261-320"
      "volume" => "17"
      "number" => "1"
    ]
    "type" => array:2 [
      "fr" => "Articles"
      "en" => "Journal articles"
    ]
    "support_type" => array:2 [
      "fr" => "Revue scientifique"
      "en" => "Scientific journal"
    ]
    "countries" => array:2 [
      "fr" => null
      "en" => null
    ]
    "abstract" => array:2 [
      "fr" => "Cet article étudie comment les horizons d'investissement des actionnaires influent sur les choix de politiques de distribution des entreprises. Nous trouvons que la fréquence et le montant des rachats d'actions augmentent avec la propriété des investisseurs à court terme, au détriment des dividendes. Nous concluons également que le marché réagit moins positivement à des rachats de sociétés détenues par les institutions à court terme. Ces résultats sont compatibles avec un modèle dans lequel les entreprises signalent être sous-évaluées par le biais de rachats d'actions, mais les entreprises détenues par des investisseurs à court terme rachètent plus souvent car ces investisseurs se soucient surtout de la réaction des prix à court terme. Nos résultats suggèrent que le court terme de l'actionnaire pourrait être un facteur contribuant à la popularité croissante des rachats d'actions."
      "en" => "This paper examines how shareholder horizons influence payout policy choices. We infer institutional shareholders’ investment horizons using the frequency with which they turnover their overall stock portfolios prior to the payout decision. We find that the frequency and amount of repurchases increases with ownership by short-term investors, to the detriment of dividends. We also find that the market reacts less positively to repurchases made by firms held by short-term institutions. These findings are consistent with a model in which undervalued firms signal through repurchases, but firms held by short-term investors make repurchases more often because those investors care mostly about the short-term price reaction. Hence the market rationally discounts the signal provided by such repurchases. Our findings suggest that shorter shareholder horizons might be one contributing factor to the increasing popularity of buybacks."
    ]
    "authors_fields" => array:2 [
      "fr" => "Finance"
      "en" => "Finance"
    ]
    "indexedAt" => "2024-12-22T19:21:44.000Z"
    "docTitle" => "Payout Policy Choices and Shareholder Investment Horizons"
    "docSurtitle" => "Articles"
    "authorNames" => "<a href="/cv/gaspar-jose-miguel">GASPAR José-Miguel</a>, MASSA M., MATOS P., PATGIRI R., REHMAN Z."
    "docDescription" => "<span class="document-property-authors">GASPAR José-Miguel, MASSA M., MATOS P., PATGIRI R., REHMAN Z.</span><br><span class="document-property-authors_fields">Finance</span> | <span class="document-property-year">2013</span>"
    "keywordList" => "<a href="#">Hétérogénéité des actionnaires</a>, <a href="#">Horizon d'investissement</a>, <a href="#">Investisseurs institutionnels</a>, <a href="#">Politique de paiement</a>, <a href="#">Rachats d'actions</a>"
    "docPreview" => "<b>Payout Policy Choices and Shareholder Investment Horizons</b><br><span>2013-01 | Articles </span>"
    "docType" => "research"
    "publicationLink" => "<a href="https://www.researchgate.net/publication/265118908_Payout_Policy_Choices_and_Shareholder_Investment_Horizons" target="_blank">Payout Policy Choices and Shareholder Investment Horizons</a>"
  ]
  +lang: "fr"
  +"_type": "_doc"
  +"_score": 9.161921
  +"parent": null
}