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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Share Repurchases and Equity Compensation |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 91 |
| Date | 2019 |
| Abstract Text | We examine how corporate payout policy relates to equity compensation by analyzing data from listed US companies between 2004 and 2018. Our findings provide evidence for both the dividend protection and the EPS dilution channel through which equity compensation might affect payout policy. We find that share repurchases are positively related to total options and restricted stock issued to employees and executives. This indicates that firms repurchase shares in order to counter EPS dilution. Moreover, we find an incremental positive relation between executive stock options and share repurchases, suggesting that managers adjust corporate payouts to increase their personal wealth. |
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