Actual Share Reacquisitions in Open‐Market Repurchase Programs
研究1981至1990年间450个公开市场回购计划，发现企业平均在三年内回购了宣布目标的74%至82%，且回购与前期股价表现负相关、与现金流正相关。
Unlike Dutch auction repurchases and tender offers, open‐market repurchase programs do not precommit firms to acquire a specified number of shares. In a sample of 450 programs from 1981 to 1990, firms on average acquire 74 to 82 percent of the shares announced as repurchase targets within three years of the repurchase announcement. We find that share repurchases are negatively related to prior stock price performance, suggesting that firms increase their purchasing depending on its degree of perceived undervaluation. In addition, repurchases are positively related to levels of cash flow, which is consistent with liquidity arguments.