Research aims: The purpose of this paper is to examine the impact of open market share repurchases on stock liquidity of listed companies in Thailand.Design/ Methodology/Approach: The sample includes 3,055 actual share repurchases made by 75 listed firms in the Stock Exchange of Thailand (SET)...

Prior research shows that companies repurchase stock during quarters with low returns, presumably because the stock is undervalued. We focus on repurchase increases and investigate another motive: Are repurchases increased to provide price support for a stock that, despite recent low returns,...

The buyback anomaly survives when using the five factor Fama and French (2015) and the four factor Stambaugh and Yuan (2016) models: buyback announcements are followed by positive long-term excess returns that are positively related to (idiosyncratic) volatility, inconsistent with the low...

The paper investigates the conditions surrounding Britain's open market repurchases over the period 1993-2010. We find that the high leverage and fiscal favouritism of repurchases over dividends deter the market's receptiveness. Thus it is evident that repurchases are influenced by institutional...

Overseas on-market share buybacks are buybacks by domestic firms conducted wholly or partly on a foreign exchange. Compared with a 2.3 percent average abnormal market response on announcement for domestic buybacks, we find a significantly lower 0.7 percent response for overseas buybacks....

We use the high disclosure environment for on-market buybacks in Australia to investigate whether detailed disclosure is valuable. We find that company type, buyback duration, and management motivation are all valuable signalling elements in the announcement event. These variables, which are not...

I examine the impact that investor attention has on open market share repurchase outcomes. Using a novel and comprehensive archive of Thomson Reuters' news articles and third-party newswires to proxy for investor attention, I find that high levels of media coverage around share repurchase...

This paper examines the relationship between previous dividend payment policy and the cumulative abnormal return around the OMR program announcement day. The results show that the market reacts more positively to OMR program announcements by non-dividend firms or with no change in dividend...

This study discusses stock market share repurchase with prior announcement from the viewpoint of a firm management between February 2010 and December 2013. We find that of the about 781 share repurchases for firms listed on the first section of the Tokyo Stock Exchange (TSE), lower liquidity...

Though short sellers on average succeed at identifying overvalued equity, firms often signal disagreement with short sellers by repurchasing stock when short interest increases. We investigate whether this disagreement reflects a myopic defense of inflated prices, or positive private...