On the effects of quantitative easing on share repurchases in the Us

Detalhes bibliográficos
Autor(a) principal: Bachmann, Jens-Niklas
Data de Publicação: 2021
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/142171
Resumo: This paper analyses the effects of the Federal Reserve’s Quantitative Easing (QE) program on corporate share repurchases in the US between 2008 and 2021. Therefore, it differentiates between the unconventional monetary policy that is QE from standard policies including the Federal Funds Rate (FFR). To isolate the effects, the regression analysis takes into account several corporate finance hypotheses among share repurchases as well as seasonality. The results show that QE is positively correlated with share repurchases while FFR is negatively correlated in all regressions. Thus, this analysis provides evidence that QE positively affects share repurchases. It further finds that the impact QE has on shareholder distribution is similar to the impact a decrease in interest rates has.
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spelling On the effects of quantitative easing on share repurchases in the UsCorporate financeMonetary policyQuantitative easingFederal reserveShare repurchasesLarge-scale asset purchasesDomínio/Área Científica::Ciências Sociais::Economia e GestãoThis paper analyses the effects of the Federal Reserve’s Quantitative Easing (QE) program on corporate share repurchases in the US between 2008 and 2021. Therefore, it differentiates between the unconventional monetary policy that is QE from standard policies including the Federal Funds Rate (FFR). To isolate the effects, the regression analysis takes into account several corporate finance hypotheses among share repurchases as well as seasonality. The results show that QE is positively correlated with share repurchases while FFR is negatively correlated in all regressions. Thus, this analysis provides evidence that QE positively affects share repurchases. It further finds that the impact QE has on shareholder distribution is similar to the impact a decrease in interest rates has.Soares, Maria Margarida FigueiredoRUNBachmann, Jens-Niklas2022-07-20T09:17:32Z2022-01-122021-12-172022-01-12T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/142171TID:202972470enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T05:19:38Zoai:run.unl.pt:10362/142171Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:50:10.905936Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv On the effects of quantitative easing on share repurchases in the Us
title On the effects of quantitative easing on share repurchases in the Us
spellingShingle On the effects of quantitative easing on share repurchases in the Us
Bachmann, Jens-Niklas
Corporate finance
Monetary policy
Quantitative easing
Federal reserve
Share repurchases
Large-scale asset purchases
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short On the effects of quantitative easing on share repurchases in the Us
title_full On the effects of quantitative easing on share repurchases in the Us
title_fullStr On the effects of quantitative easing on share repurchases in the Us
title_full_unstemmed On the effects of quantitative easing on share repurchases in the Us
title_sort On the effects of quantitative easing on share repurchases in the Us
author Bachmann, Jens-Niklas
author_facet Bachmann, Jens-Niklas
author_role author
dc.contributor.none.fl_str_mv Soares, Maria Margarida Figueiredo
RUN
dc.contributor.author.fl_str_mv Bachmann, Jens-Niklas
dc.subject.por.fl_str_mv Corporate finance
Monetary policy
Quantitative easing
Federal reserve
Share repurchases
Large-scale asset purchases
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic Corporate finance
Monetary policy
Quantitative easing
Federal reserve
Share repurchases
Large-scale asset purchases
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description This paper analyses the effects of the Federal Reserve’s Quantitative Easing (QE) program on corporate share repurchases in the US between 2008 and 2021. Therefore, it differentiates between the unconventional monetary policy that is QE from standard policies including the Federal Funds Rate (FFR). To isolate the effects, the regression analysis takes into account several corporate finance hypotheses among share repurchases as well as seasonality. The results show that QE is positively correlated with share repurchases while FFR is negatively correlated in all regressions. Thus, this analysis provides evidence that QE positively affects share repurchases. It further finds that the impact QE has on shareholder distribution is similar to the impact a decrease in interest rates has.
publishDate 2021
dc.date.none.fl_str_mv 2021-12-17
2022-07-20T09:17:32Z
2022-01-12
2022-01-12T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/142171
TID:202972470
url http://hdl.handle.net/10362/142171
identifier_str_mv TID:202972470
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
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reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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