Share Repurchase Offers and Liquidity: An Examination of Temporary and Permanent Effects
通过荷兰式拍卖和固定价格要约收购研究股票回购对流动性的影响，发现流动性改善是暂时的，仅发生在要约期内，长期改善源于价格提升和波动降低而非市场结构变化。
Open‐market repurchase programs do not allow for precise estimates of share buy‐back intensity to measure liquidity effects. To circumvent the uncertainty surrounding the quantity and timing of shares truly acquired in repurchase programs and to measure their long‐term impact, we examine Dutch auctions and fixed‐price tender offers. We investigate both the temporary and permanent liquidity effects of share repurchase programs and find that the improvement in liquidity is transitory and limited to the tender period when the firm's offer to repurchase shares is outstanding. Improvements in liquidity over longer intervals appear to be the result of an overall price improvement and a reduction in volatility rather than the result of structural change in market dynamics.