Corporate Repurchase Decisions Following Mutual Fund Sales
研究了当共同基金因资金流出而大规模抛售股票时，公司是否会通过回购自家股票来提供价格支持，结果发现公司确实会充当最后买家。
This paper examines managerial response to widespread selling by mutual funds. We study the effect on share repurchases of liquidity‐based price pressure measured by mutual fund transactions caused by capital outflows. Firms whose shares undergo widespread selling by funds experiencing large outflows are more likely to repurchase their own shares, controlling for the effect of returns on share repurchases. The empirical results suggest that firms act as buyers of last resort and provide price support for their own shares.