Federal ID: 91-6001537
ISSN: 0022-1090 (Print) | 1756-6916 (Online)
Repurchases for Price Impact: Evidence from Fragile Stocks
Massimo Massa, David Schumacher, and Yan Wang ♦ We highlight an important but overlooked characteristic of financial fragility: “fragile” stocks command higher liquidity. This reduces their sensitivity to corporate actions with price impact and affects the firms’ incentives to engage…