Price Effects of Stock Repurchasing: A Random Coefficient Regression Approach
使用随机系数回归方法，研究公司股票回购对价格的影响，适合关注回购动机与市场反应的学者。
More than ten years have passed since Bierman and West [1] and Elton and Gruber [5] first used valuation models to study corporate stock repurchasing. Young [29] followed their work with an empirical investigation of the motivations for stock repurchasing and its impact on prices. Following Young, there seems to have been a five-year pause in the study of repurchasing. However, by 1973 repurchasing activity had increased in intensity, and this seems to have rekindled an interest in studying the phenomenon.