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Stock repurchase with an adaptive reservation price: A study of the greedy policy

✍ Scribed by Ye Lu; Asuman Ozdaglar; David Simchi-Levi


Publisher
Elsevier Science
Year
2011
Tongue
English
Weight
240 KB
Volume
39
Category
Article
ISSN
0167-6377

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## Abstract This paper illustrates the pitfalls of the conventional heteroskedasticity and autocorrelation robust (HAR) Wald test and the advantages of new HAR tests developed by Kiefer and Vogelsang in 2005 and by Phillips, Sun and Jin in 2003 and 2006. The illustrations use the 1993 Fama–French t