This study examines the relation between managerial reference points and corporate payout policy. We find that share repurchase activity increases as a firm’s current stock price declines in relation to the price at which it previously repurchased shares. To facilitate a behavioral...

This paper uses a novel method to assess the timing of corporate share repurchases by examiningabnormal returns after firms stop repurchasing shares. This method reveals several new findings.First, repurchasing firms only experience positive abnormal returns after they stop repurchasingshares....

This study examines the role of activist investors in firms' decisions to conduct open market share repurchases. Compared with firms making ordinary share repurchases, firms making activist-involved repurchases have more cash holdings, are more undervalued, experience better subsequent stock...