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Open-Market Share Repurchase Programs and Bid-Ask Spreads on the NYSE: Implications for Corporate Payout Policy

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References

1970EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK*15,723 cited
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1986Asset pricing and the bid-ask spread5,087 cited
1968The Cost of Transacting1,909 cited
1983Information Effects on the Bid-Ask Spread1,875 cited
1978THE SUPPLY OF DEALER SERVICES IN SECURITIES MARKETS1,393 cited
1981Common stock repurchases and market signalling1,037 cited
1992An Analysis of Intraday Patterns in Bid/Ask Spreads for NYSE Stocks899 cited
1981Common stock repurchases697 cited
1991The Relative Signalling Power of Dutch-Auction and Fixed-Price Self-Tender Offers and Open-Market Share Repurchases616 cited
1974Determinants of bid-asked spreads in the over-the-counter market560 cited
1983Transaction costs and the small firm effect431 cited
1988Corporate payout policy424 cited
1972The Economics of Liquidity Services417 cited
1989Cash Distributions to Shareholders332 cited
1992Dutch Auction Repurchases: An Analysis of Shareholder Heterogeneity

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1998THE INTRA‐INDUSTRY EFFECTS OF OPEN MARKET SHARE REPURCHASES: CONTAGION OR COMPETITIVE?79 cited
1998The liquidity effects associated with addition of a stock to the S&P 500 index: evidence from bid/ask spreads79 cited
1998Shareholder Heterogeneity, Adverse Selection, and Payout Policy78 cited
2006The effects of insider trading on liquidity50 cited
2001On the Timing and Execution of Open Market Repurchases47 cited
2013The Shareholder Base and Payout Policy46 cited
2011Stock repurchases and treasury share sales: Do they stabilize price and enhance liquidity?44 cited
2007Repurchasing Shares on a Second Trading Line32 cited
2002Payout Policy26 cited
2009Optimal execution of open-market stock repurchase programs25 cited
2008Payout Policy, Financial Flexibility, and Agency Costs of Free Cash Flow24 cited
2006Repurchasing Shares on a Second Trading Line20 cited