The Optimal Timing of Open Market Stock Repurchases: Emerging Markets Finance and Trade: Vol 52, No 4

Using a continuous-time real options approach we determine the conditions under which a value-maximizing company would conduct an open market stock repurchase to exploit the undervaluation of shares. We find the optimal timing of such repurchases as well as the optimal amount a company should repurchase and analyze how it depends on market parameters. Obtaining the announcement returns from the authorization of stock repurchases from our model allows us to derive testable empirical implications.

Issue Purchase 30 days access for EUR , Article Purchase 24 hours access for EUR 35, Journal Emerging Markets Finance and Trade Volume 52, - Issue 4. Submit an article Journal homepage. Chih-Chen Hsu Innovation Center for Intelligent Transportation and Logistics, Taichung, Taiwan, R.

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