Are Share Repurchases Really Flexible?
研究发现过去40年股票回购政策的灵活性下降，回购变得粘性，且这种粘性在2008年金融危机期间导致企业削减投资、就业和研发支出。
Abstract This article documents a trend of declining flexibility in share repurchase policies over the last 4 decades. We show that repurchases have become particularly sticky for firms with repurchase programs in place. We also exploit the additional inflexibility within existing repurchase programs to show that repurchase stickiness can have real effects for firms. Using the 2008 financial crisis as a shock to firms’ ability to raise capital, we find that firms with ongoing share repurchase programs ending after Dec. 2007 reduced investment, employment, and R&D spending by more than similar firms with programs ending before the onset of the crisis.