Payout flexibility from share repurchases enables firms to reduce dilution and funding cost of stock option grants. Using daily repurchase disclosures, we show that U.K. firms use this flexibility to implement (a) large repurchase payouts, (b) with increased frequency, and (c) with lower daily...

We examine the short-run relationship between stock-return volatility and daily equity trading by several investor groups in the Korean Stock Exchange. We also investigate whether trade characteristics and trading styles can explain the potential distinct volatility effects of these investor...