Repurchases, Reputation, and Returns
研究企业声誉是否影响股票回购完成率（实际回购与宣布回购之比），发现过去完成率高的企业当前完成率也高，且市场对声誉好的企业宣布回购反应更积极。
Abstract This paper examines whether a firm’s reputation is a determinant of repurchase completion rates (the ratio of actual to announced repurchases) and whether the stock market discounts announcements made by less reputable firms. Prior completion rates are positively correlated with current completion rates and announcement returns, suggesting consistency in repurchases and implying a reputational effect. Further, a nascent literature regarding accelerated share repurchases (ASRs) finds them to be more credible than open market repurchases. I show that the probability of announcing an ASR is greater for firms likely to be concerned about reputation because of low past completion rates.