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1、JournalofFinancialEconomics119(2016)186–209ContentslistsavailableatScienceDirectJournalofFinancialEconomicsjournalhomepage:www.elsevier.com/locate/jfec$Stockrepurchasesandliquidityaa,nbAlexanderHillert,ErnstMaug,StefanObernbergeraUniversityofMannheim,L91-2,68131Mannheim,GermanybErasmu
2、sUniversityRotterdam,BurgemeesterOudlaan50,3000DRRotterdam,TheNetherlandsarticleinfoabstractArticlehistory:WeanalyzetheimpactofsharerepurchasesonliquiditybasedonanewcomprehensiveReceived31July2014datasetofrealizedsharerepurchasesintheUS,whichcovers50,204repurchasemonthsReceivedinrevis
3、edformbetween2004and2010.Usinginstrumentalvariableanalysis,weshowthatrepurchases17February2015unequivocallyimproveliquidityandsuggestthatendogenouscontrolshaveconfoundedAccepted23February2015resultsinearlierstudies.Liquidityalsoinfluenceshowfirmsexecuterepurchasepro-Availableonline28Aug
4、ust2015grams.Repurchasesprovideliquiditywhenotherinvestorssellthefirm'sstockorintimesJELclassification:ofcrisis.NoevidenceexiststhatfirmsreduceliquiditywhentheytradeonprivateG10information.G30&2015PublishedbyElsevierB.V.G35Keywords:SharerepurchasesMarketmicrostructureLiquidityLimitorderm
5、arketsInformedtrading1.Introductionexecutebuybackprograms.BeginningwithBarclayandSmith(1988),alargeliteratureseekstounderstandwhe-Thispaperinvestigateshowfirmsaffecttheliquidityoftherfirmsprovideordemandliquiditywhentheyrepu-themarketfortheirownstockwhentheyrepurchaserchaseshares.Fromth
6、epointofviewofmarketmicro-sharesandwhichstrategiesfirmsadoptwhentheystructure,firmsaresimplyanothercategoryoftraderswhentheyconductopenmarketrepurchases.Thelitera-turehasidentifiedseveraldimensionsinwhichtraders☆coulddifferandthataffecttheirdemandfororsupplyofWearegratefultoManuelAdelino
7、,AlonBrav,CaseyCheng,DarwinChoi,PhilippGeiler,JohnGraham,JacobOded,AilsaRoell,andFlorianliquidity:traders'timehorizon(patience,willingnesstoWeigertforadviceonthisprojectandseminarparticipantsatthepayforimmediacy),theirinformationaladvantagerelativeSeventhAnnualMeetingoftheSwissFinance
8、Insti
