Repurchases for Price Impact: Evidence from Fragile Stocks
研究发现，金融脆弱性高的股票流动性更强，这降低了公司回购股票的动力，反而促使它们更多发行股票和增加投资，对企业的实际决策有直接影响。
Abstract We highlight an important but overlooked characteristic of financial fragility: “Fragile” stocks command higher liquidity. This reduces their sensitivity to corporate actions with price impact and affects the firms’ incentives to engage in such actions. We show that fragile firms have lower share repurchases, issue more equity, and invest more. We establish causality by relating changes in corporate actions to exogenous changes in fragility induced by mergers of asset managers. Our results suggest that financial fragility has direct but unexpected real implications for corporate actions.