Repurchases, reputation, and returns

Research output: Contribution to journalArticlepeer-review

61 Scopus citations


This paper examines whether a firm's reputation is a determinant of repurchase completion rates (the ratio of actual to announced repurchases) and whether the stock market discounts announcements made by less reputable firms. Prior completion rates are positively correlated with current completion rates and announcement returns, suggesting consistency in repurchases and implying a reputational effect. Further, a nascent literature regarding accelerated share repurchases (ASRs) finds them to be more credible than open market repurchases. I show that the probability of announcing an ASR is greater for firms likely to be concerned about reputation because of low past completion rates.

Original languageEnglish (US)
Pages (from-to)469-491
Number of pages23
JournalJournal of Financial and Quantitative Analysis
Issue number2
StatePublished - Apr 2012
Externally publishedYes

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics


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