Flexibility in share repurchases: Evidence from UK
利用英国每日回购交易数据，研究了公司如何根据股价、流动性、杠杆等因素灵活调整回购天数和数量，并发现公司能在不增加成本的情况下利用这种灵活性。
Abstract Although firms cite flexibility as important when repurchasing shares, we know little about how or why firms vary repurchases. We use an extensive sample of daily repurchase transactions from the United Kingdom to investigate how the number of repurchase days and volumes of shares repurchased change based on several known motivations. We find that stock price changes, liquidity, leverage, takeover activity and earnings per share targets impact share repurchasing patterns. Further, we compare actual repurchases to alternative share accumulation strategies and find that firms utilize flexibility without paying higher costs.