Federal ID: 91-6001537
ISSN: 0022-1090 (Print) | 1756-6916 (Online)
Are Share Repurchases Really Flexible?
Heitor Almeida, Ruidi Huang, and Yuhai Xuan ♦ This paper documents a trend of declining flexibility in share repurchase policies over the last four decades. Share repurchases have become particularly sticky for firms that have repurchase programs in place. We…