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...

Financial economists have long been interested in asset price uncertainty. Yet, causal estimates of price uncertainty are sparse. The art market, valued at $64 billion in 2019 and growing in financial importance, provides an opportunity to fill this gap. Specifically, this study examines the...