We study share repurchase announcements for nine European countries between 2000 to 2017. In contrast to previous studies, we address the role of market uncertainty as a market-based determinant of positive average abnormal announcement returns, while including governance, liquidity risk and...

We find that monetary policy uncertainty contributes to waves of share repurchases and hence plays a central role in influencing corporate payout policy. In our sample of European buyback transactions, the observed variation of the repurchase likelihood is particularly driven by movements in...