The paper shows that issuing activity does not result in superior liquidity. Even the kinds of new issues that are … existing liquidity-based explanations of the new issues puzzle. The paper also shows that the low-minus-high turnover factor …

We analyze the impact of share repurchases on liquidity based on a new comprehensive data set of realized share … that repurchases unequivocally improve liquidity and suggest that endogenous controls have confounded results in earlier … studies. Liquidity also influences how firms execute repurchase programs. Repurchases provide liquidity when other investors …