Les rachats d’actions au Canada:motivations et impact de l’activité économique
Bibliographic record
Abstract
(VF)Cet article étudie les motivations des firmes canadiennes cotées à annoncer des programmes de rachat d’actions et l’impact de l’activité économique sur ce comportement. La distribution des flux monétaires excédentaires, l’envoi d’un signal ainsi que la prévention de la dilution du bénéfice par action sont les principales motivations de ces opérations. Par ailleurs, l’étude montre que le niveau de l’activité économique a un impact sur ces motivations. Ainsi, en période de faible croissance, la motivation principale est de réduire l’asymétrie d’information, alors qu’en période de forte croissance, il s’agit plutôt d’éviter la dilution du BPA.(VA)The object of this paper is to identify the incentives of publicly traded Canadian firms to announce repurchases of their own shares and to evaluate the impact of economic growth on this decision. Firms an-nounce share repurchases to distrib-ute free cash flow, to send a signal and to prevent dilution of earnings per shares. Economic activity has an impact on those motivations. In a pe-riod of low economic growth, the principal motivation is to reduce asymmetric information while in a period of high economic growth, firms repurchase their shares in order to prevent diluting earnings per share.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.004 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.007 | 0.003 |
| Scholarly communication | 0.004 | 0.001 |
| Open science | 0.001 | 0.002 |
| Research integrity | 0.001 | 0.001 |
| Insufficient payload (model declined to judge) | 0.008 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".