This research brief delves into the intricate domain of share buyback execution, particularly focusing on the temporal optionality aspect, which has been overlooked in traditional execution practices. Using a novel dataset sourced from regulatory filings on share buybacks, we employ Monte Carlo...

This hypothesis paper explores a potential anomaly within the realm of share buybacks, positing an inevitable brokerage outperformance due to temporal optionality. The hypothesis under examination is that brokerage firms, regardless of stock price movements, can consistently outperform due to...

This paper offers an innovative and robust exploration of share buyback execution strategies, unveiling three previously unrecognized anomalies that cast doubts on traditional financial theories. We first introduce the Trading Schedule Anomaly, an atypical timing and sequencing pattern observed...