Journal of Financial Economics JFE , 1 , , Erasmus University Rotterdam - Erasmus School of Economics; Erasmus Research Institute of Management ERIM. 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, repurchase months between and Using instrumental variable analysis we show that repurchases unequivocally improve liquidity and suggest that endogenous controls have confounded results in earlier studies.

Liquidity also influences how firms execute repurchase programs. There is no evidence that firms reduce liquidity when they trade on private information. Share repurchases, market microstructure, liquidity, limit order markets, informed trading. Hillert, Alexander and Maug, Ernst G.

House of Finance Grueneburgplatz 1 Frankfurt am Main, Hessen Germany. Wharton Research Data Services WRDS Research Paper Series. Subscribe to this free journal for more curated articles on this topic. Subscribe to this fee journal for more curated articles on this topic. Month-End Liquidity Needs and the Predictability of Stock Returns.

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Stock Repurchases and Liquidity by Alexander Hillert, Ernst G. Maug, Stefan Obernberger :: SSRN

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Alexander Hillert Goethe University Frankfurt - Department of Finance Ernst G. Maug University of Mannheim Business School; European Corporate Governance Institute ECGI Stefan Obernberger Erasmus University Rotterdam - Erasmus School of Economics; Erasmus Research Institute of Management ERIM. Abstract 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, repurchase months between and Alexander Hillert Goethe University Frankfurt - Department of Finance email House of Finance Grueneburgplatz 1 Frankfurt am Main, Hessen Germany.

Stefan Obernberger Erasmus University Rotterdam - Erasmus School of Economics email P. Box DR Rotterdam, NL PA Netherlands.

Erasmus Research Institute of Management ERIM email P. Box DR Rotterdam Netherlands. Download this Paper Open PDF in Browser.

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Jamie Stewart at Wharton Research Data Services WRDS , Robert Zarazowski at Wharton Research Data Services WRDS. Recommended Papers Dash for Cash: Month-End Liquidity Needs and the Predictability of Stock Returns By Erkko Etula , Kalle Rinne , David Mclean and Jeffrey Pontiff Distracted Shareholders and Corporate Actions By Elisabeth Kempf , Alberto Manconi , Evidence from Share Repurchases By Alice Bonaime , Kristine Hankins , The Real Effects of Share Repurchases By Heitor Almeida , Vyacheslav Fos , Endogeneity in Empirical Corporate Finance By Michael Roberts and Toni Whited Share Repurchases, Market Timing, and the Distribution of Free Cash Flow By Chao Zhuang Stock Liquidity and Corporate Cash Holdings: Feedback and the Cash as Ammunition Hypothesis By Kjell Nyborg and Zexi Wang A Five-Factor Asset Pricing Model By Eugene Fama and Kenneth French.

OPEN MARKET STOCK REPURCHASE PROGRAMS AND LIQUIDITY - Wiggins - - Journal of Financial Research - Wiley Online Library

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