We find that monetary policy uncertainty contributes to waves of share repurchases and hence plays a central role in influencing corporate payout policy. In our sample of European buyback transactions, the observed variation of the repurchase likelihood is particularly driven by movements in...

We study share repurchase announcements for nine European countries between 2000 to 2017. In contrast to previous studies, we address the role of market uncertainty as a market-based determinant of positive average abnormal announcement returns, while including governance, liquidity risk and...