This relation is persistent across firm characteristics and does not appear to be destroying shareholder value.
University of the West of England. Using grant level compensation data and a hand-collected sample of monthly repurchases, I find a positive relation between CEO equity sales and share repurchases. I identify the relation using the vesting schedule of equity grants as an instrument for equity sales. David has 2 jobs listed on their profile. Professor Moore’s research is in corporate finance with a focus on payout policy. Lastly, we find that preset repurchase plans represent a unique payout tool whose introduction encouraged a different set of firms to buy back stock and significantly altered the payout landscape. Join to Connect. Analyses using a shock to compensation around mandatory option expensing and an instrumental variable approach suggest that the relation between dilution and payout is likely causal. This paper studies the strategic use and timing of share repurchases by insiders for personal gain.
Relative to open market repurchases, preset plans provide an expanded repurchase window and increased legal cover, albeit at the cost of reducing repurchase flexibility and the option to time repurchases. Lastly, we find that preset repurchase plans represent a unique payout tool whose introduction encouraged a different set of firms to buy back stock and significantly altered the payout landscape. We are the first to document and study the use of Rule 10b5 1 preset repurchase plans.
Using grant level compensation data and a hand-collected sample of monthly repurchases, I find a positive relation between CEO equity sales and share repurchases. We are the first to document and study the use of Rule 10b5 1 preset repurchase plans. Relative to open market repurchases, preset plans provide an expanded repurchase window and increased legal cover, albeit at the cost of reducing repurchase flexibility and the option to time repurchases. David Moore, FCA MBA Finance Director Ireland 500+ connections. Our results strongly support dilution as the primary channel through which compensation relates to payout policy; dividend protection no longer has first-order effects on payout.
Fundamentals of Finance
Report this profile; About. He currently teaches Valuation and Financial Modeling as well as Introduction to Corporate Finance. If you've recently been laid off, and we've worked together in the past, please get in touch and let me know how I can help you. David Moore has over 17 years’ experience in Financial Services industry. Finance Manager at GreenSquare Group Sandridge, Wiltshire, United Kingdom 132 connections.
Roche Pharmaceuticals. in engineering management and MBA from the University of Tennessee at Chattanooga (UTC). Though the Rule's original intent was to clarify conditions for enforcing insider trading laws, generally thought to apply to individuals classified as firm insiders, we find strong use of the Rule at the firm level to repurchase company stock. Liked by David Moore. We exploit this new and widespread form of payout to examine an issue at the core of payout decisions — the tradeoff between commitment and financial flexibility. 2012-2014 James E. and Christine D. Luckett EndowmentNCAA-Capital One Academic All-American Men's Track and Field / Cross-Country2006-2011 SoCon All-Academic Team and Commissioner Medal recipient This paper studies the strategic use and timing of share repurchases by insiders for personal gain. He earned his B.S. Both the dividend-protection and dilution channels imply a positive relation between stock options and repurchases, but recent studies and trends suggest no decline in repurchases when option grants fall around mandatory option expensing, casting doubt upon a causal relation between equity compensation and payout.
Consistent with preset plans signaling commitment, Rule 10b5-1 repurchase announcements are associated with greater and faster completion rates, with more positive market reactions, and with more dividend substitution than open market repurchases. Consistent with preset plans signaling commitment, Rule 10b5-1 repurchase announcements are associated with greater and faster completion rates, with more positive market reactions, and with more dividend substitution than open market repurchases. A customer-focused, ACCA-qualified Accountant with strong analytical expertise and an eye for detail. His research interests are in corporate finance, payout policy, equity compensation, and dilution. The results indicate managerial self-interest and CEO contracts motivate a subset of share repurchases. David Moore joined Loyola Marymount University in 2018 after graduating with a Ph.D. in finance from the Gatton College of Business & Economics at the University of Kentucky.
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