Pay-out flexibility and firms’ market longevity: A firm-level analysis for the United States

Konstantios, Stavros; Κωνστάντιος, Σταύρος

dc.contributor.author	Konstantios, Stavros	en
dc.contributor.author	Κωνστάντιος, Σταύρος	el
dc.date.accessioned	2023-01-27T09:34:43Z
dc.date.available	2023-01-27T09:34:43Z
dc.identifier.uri	https://dspace.lib.ntua.gr/xmlui/handle/123456789/56972
dc.identifier.uri	http://dx.doi.org/10.26240/heal.ntua.24670
dc.description	Εθνικό Μετσόβιο Πολυτεχνείο--Μεταπτυχιακή Εργασία. Διεπιστημονικό-Διατμηματικό Πρόγραμμα Μεταπτυχιακών Σπουδών (Δ.Π.Μ.Σ.) “Μαθηματική Προτυποποίηση σε Σύγχρονες Τεχνολογίες και στα Χρηματοοικονομικά”	el
dc.rights	Default License
dc.subject	Pay-out	en
dc.subject	Market longevity	en
dc.subject	Survival analysis	en
dc.subject	Financial flexibility	en
dc.subject	Financial constraints	en
dc.title	Pay-out flexibility and firms’ market longevity: A firm-level analysis for the United States	en
heal.type	masterThesis
heal.classification	Financial Engineering	en
heal.language	en
heal.access	campus
heal.recordProvider	ntua	el
heal.publicationDate	2022-11-02
heal.abstract	The ban on share repurchases under the 2020 CARES Act invigorated the discussion surrounding the net benefits of this payout mechanism. Motivated by regulatory concerns and ample theoretical and empirical evidence both for and against share repurchases, we evaluate the incorporation of share repurchases in the payout mix through the lens of market longevity. Accordingly, we employ Cox regressions to estimate the effect of the composition of the corporate payout mix on a firm’s conditional probability to exit the market (hazard rate). Utilizing panel data from 1,200 US listed firms between 2000 and 2020 we document a positive relationship between market longevity and a payout composition that favors share repurchases over dividends. This suggests that the relevant benefits of this payout mechanism outweigh its costs, enhancing firms’ capability to remain listed in the organized capital markets for a longer period. Our findings endure a variety of robustness checks, and have useful implications to managers, regulators, and the investor community.	en
heal.sponsor	In this point I would like to express my gratitude to all the people that aid me throughout the whole experience of this thesis and through the course of my studies. I would like to thank all the teaching stuff of N.T.U.A and all my fellow students that contributed to the cultivation of my engineering knowledge and skills and accompanied me for two years that I will forever cherish. Especially, I would like to thank my supervisor Mr Panayotis G. Michaelides and head of laboratory of theoretical and applied economics and law (TAEL) N.T.U.A. and Dr. Dimitrios T. Konstantios. These two honourable men will always constitute a role model for me not only because they nurtured me the passion for modelling, innovative design, and numerical analysis but also because they acted as advisors and guides through all my studies. I will always be grateful for all their help, and I am confident that they will continue to thrive both as scientists and as educators. Moreover, I would like to thank Dr. Ioannis Chasiotis, for his precious help and support. His support was not only in a cognitive but also in a psychological level as he was ready to assist me whenever it was necessary at every step of this process. Finally, I would like to thank all those people who with their love and support conduced to my development not only as an engineer but also as a human being. Above everything is the love and guidance from family and friends and I hope that someday I will be able to repay it.	el
heal.advisorName	Michaelides, Panayotis	en
heal.committeeMemberName	Michaelides, Panayotis	en
heal.committeeMemberName	Konstantakis, Konstantinos	en
heal.committeeMemberName	Economidou, Claire	en
heal.academicPublisher	Εθνικό Μετσόβιο Πολυτεχνείο. Σχολή Εφαρμοσμένων Μαθηματικών και Φυσικών Επιστημών. Τομέας Ανθρωπιστικών Κοινωνικών Επιστημών και Δικαίου. Εργαστήριο Θεωρητικής και Εφαρμοσμένης Οικονομικής και Δικαίου	el
heal.academicPublisherID	ntua
heal.numberOfPages	42 σ.	el
heal.fullTextAvailability	false