Share repurchases under uncertainty: US evidence

PİRGAİP B., Dincergok B.

FINANCE RESEARCH LETTERS, vol.30, pp.130-138, 2019 (SSCI) identifier identifier

  • Publication Type: Article / Article
  • Volume: 30
  • Publication Date: 2019
  • Doi Number: 10.1016/j.frl.2019.03.036
  • Journal Name: FINANCE RESEARCH LETTERS
  • Journal Indexes: Social Sciences Citation Index (SSCI), Scopus
  • Page Numbers: pp.130-138
  • Keywords: Share repurchase, Economic policy uncertainty, Payout policy, Panel data analysis, POLITICAL UNCERTAINTY, INFORMATION-CONTENT, POLICY UNCERTAINTY, STOCK REPURCHASES, DIVIDENDS, FIRMS, RISK
  • Hacettepe University Affiliated: Yes

Abstract

We examine the impact of economic policy uncertainty as measured by Baker et al. (2016) on share repurchase activity in the U.S. market. We employ panel analyses with 2258 firms between 1990 and 2017 using a quarterly dataset. Our findings reveal that firm managers tend to make less or no repurchases under high level of uncertainty in the economy.