We use new data from SEC filings to investigate how S&P 500 firms execute their open market repurchase programs. We find that smaller S&P 500 firms repurchase less frequently than larger firms, and at a price which is significantly lower than the average market price. Their repurchase activity...

We analyze the impact of share repurchases on liquidity based on a new comprehensive data set of realized share repurchases in the US, which covers 50,204 repurchase months between 2004 and 2010. Using instrumental variable analysis we show that repurchases unequivocally improve liquidity and...

We use new data from SEC filings to investigate how S&P 500 firms execute their open market repurchase programs. We find that smaller S&P 500 firms repurchase less frequently than larger firms, and at a price which is significantly lower than the average market price. Their repurchase activity...

This paper examines changes in corporate behavior around the 2003 modification to SEC Rule 10b-18, which mandates enhanced disclosure of repurchase transactions. Firms announce significantly fewer and slightly smaller open market repurchase plans in the enhanced disclosure environment. However,...

Using corporate payout data from 33 economies around the world, this study investigates the relations among stock repurchases, dividends and firm value (as well as cash value) under different investor protection environments. We find that stock repurchases contribute more to firm value in...

This paper examines the impacts of actual share repurchases on stock liquidity of companies listed on the Stock Exchange of Thailand (SET) over 2001-2010. The results show that bid-ask spreads are narrower, price impact is lower, and turnover is higher on repurchase days compared to those on...

Recent studies have shown the time trends of firm stock repurchase behavior. We examine these time changes for stock repurchase through the lens of real activities earnings management. Managers appear more likely to manipulate earnings through stock repurchases since the passage of the...