Additional evidence on the frequency of share repurchases and managerial timing

• In this article I analyze firm valuation and managerial timing in firms with multiple buy-back programs.
• The finding shows that firms with more programs outperform firms with less programs.
• Evidence of managerial timing is not detected.

Are firms with multiple share repurchase programs associated with positive abnormal performance and is the performance related to cash flow levels in firms? Do managers repurchase the firm's shares at a lower price than a naïve investor? In this paper, I analyze these questions using a unique hand-collected data set with detailed information of repurchase transactions. The findings show that firms with multiple repurchase programs have returns that exceed the return on stocks in firms with fewer programs by 79 basis points per month and that firms with high cash flows have higher returns than firms with low cash flows. The results do not support the idea that managers can repurchase the firm's stocks at a lower price than an average investor can.