Daily entry and exit triggers for open market repurchases
利用公开日度数据，分析了公司在公开市场回购计划中每日进入或退出市场的决策，发现股价下跌后公司进入市场回购，并在负收益期间持续，而正收益时退出，且回购价格低于成交量加权均价，提供了价格支持的直接证据。
Abstract Using publicly available daily data, we analyse the daily decision repurchasing firms make to enter or exit the market during open market repurchase programs. Firms enter the market to repurchase after a stock price downturn and maintain their presence in the market while stock returns remain negative. The lower the preceding overnight return, the greater the number of stocks repurchased. Firms exit the market when overnight returns become positive. Firms repurchase stocks at an average price below the volume‐weighted‐average‐price with lower overnight stock returns associated with higher repurchase prices, a result which provides direct evidence of price support. In addition, firms predominantly repurchase on successive days, as part of a strategy to support the price in a downward trending market. Nevertheless, firms achieve significant purchase discounts when prices rise or fall significantly, consistent with (short‐term) market timing.