I show that open market share repurchase programs are not as flexible as expected, utilizing the financial crisis and predetermined variation in program ending dates. Firms with share repurchase programs ending after December 2007 cut real activities more than otherwise similar firms with...

This paper examines the impact of competition on the investment behavior and outcomes of venture capital (VC) firms with differing reputations. Following the introduction of investor tax credit programs that increase competition, reputable VCs decrease the number and size of their investments....