By continuing to browse this site you agree to us using cookies as described in About Cookies. Previous article in issue: Next article in issue: In this paper I examine the behavior of bid and ask spreads and depths around announcements of open market stock repurchase programs.

For a sample of announcements from to , I find statistically significant evidence of a small decline in spreads and no evidence of a shift in depths following the announcement date. Results are similar for a subsample of firms experiencing post-announcement declines in the number of shares outstanding.

EconPapers: OPEN MARKET STOCK REPURCHASE PROGRAMS AND LIQUIDITY

I conclude that open market repurchase programs as used recently do not adversely affect market liquidity. Powered by Wiley Online Library. By continuing to browse this site you agree to us using cookies as described in About Cookies Remove maintenance message.

Go to old article view Advertisement. Wiggins Michigan State University Search for more papers by this author. June Full publication history DOI: Set citation alert Citing literature.

Comments by two anonymous referees and members of the finance workshops at Cornell, Michigan State, Penn State, and the University of Waterloo are greatly appreciated. Abstract In this paper I examine the behavior of bid and ask spreads and depths around announcements of open market stock repurchase programs. Continue reading full article. Format Available Full text: Publication History Issue online: Articles related to the one you are viewing Please enable Javascript to view the related content of this article.

OPEN MARKET STOCK REPURCHASE PROGRAMS AND LIQUIDITY - Wiggins - - Journal of Financial Research - Wiley Online Library

Number of times cited: McNally , Brian F. Chou , Yi-Min Yu , Information trading around open market share repurchases: Do they stabilize price and enhance liquidity?

Leung , Oliver Rui , The effects of insider trading on liquidity, Pacific-Basin Finance Journal , , 14 , 5, CrossRef 11 Jaemin Kim , Cross-sectional differences in the liquidity effects of open market share repurchases, Journal of Economics and Finance , , 29 , 1, 1 CrossRef 12 Paul Brockman , Dennis Y. Chung , Managerial timing and corporate liquidity: Porter , Rodney L. Roenfeldt , Neil W.

Open Market Stock Repurchase Programs and Liquidity

Sicherman , The Value of Open Market Repurchases of Closed-End Fund Shares, The Journal of Business , , 72 , 2, CrossRef 16 Donald R. Fraser , John C.

Groth , Steven S. Byers , Listing and the liquidity of bank stocks: Close article support pane.