The Effects of Ownership and Stock Liquidity on the Timing of Repurchase Transactions
利用美国公开市场股票回购的详细月度数据，研究发现回购时机有利于非出售股东，且所有权结构和股票流动性显著影响公司从时机选择中获得的利润。
We analyze detailed monthly data on U.S. open market stock repurchases (OMRs) that recently became available following stricter disclosure requirements. We find evidence that OMRs are timed to benefit non-selling shareholders. We present evidence that the profits to companies from timing repurchases are significantly related to ownership structure. Institutional ownership reduces companies' opportunities to repurchase stock at bargain prices. At low levels, insider ownership increases timing profits and at high levels it reduces them. Stock liquidity increases profits from timing OMRs.