We investigate the efficiency of open market repurchases across managerial confidence types. We find that moderately confident managers repurchase at relatively lower prices than overconfident managers and at prices that are closer to the quarterly low stock price. Additionally, we analyze...

Over the past 20 years share repurchase programs have become an important payout method for US firms. Are these repurchases substitute for dividends? And if so, why has it taken so long to start to pay shareholders in a way that reduces their tax liability? Analyzing this trend we show that,...