Global Share Repurchases Over the Business Cycle

Zigan Wang, Qie Ellie Yin, Luping Yu

Research output: Contribution to conferenceConference paperpeer-review

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Using a dataset of repurchase cases from across the globe, we analyze how repurchase patterns vary over the business cycle. In recession, firms announce uncommitted repurchases to mislead investors and stabilize falling prices; their announcements are accompanied by a 1.58% higher five-day abnormal return and a 3.8% lower completion rate. In expansion, firms repurchase to distribute excess cash; their announcements are followed by a 12.5% higher one-year abnormal return. The extent to which firms engage in such strategies is influenced by financial constraints, analyst coverage, cash flow shocks, and institutional ownership.
Original languageEnglish
Publication statusPublished - 8 Jul 2021
EventChina International Conference in Finance, CICF 2021 - Shanghai, China
Duration: 6 Jul 20219 Jul 2021 (Conference website) (Conference program)


ConferenceChina International Conference in Finance, CICF 2021
Internet address

User-Defined Keywords

  • Share repurchases
  • business cycle
  • stock return
  • stock liquidity
  • firm investment


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