Manoj Kulchania accepted for publication in European Financial Management

Mike Ilitch School of Business Associate Professor of Finance Manoj Kulchania has been accepted for publication in European Financial Management, which publishes significant new finance research on timely issues and highlights key trends in Europe.

The article, “Flexibility in Share Repurchases – Evidence from UK,” was co-authored by Rohit Sonika (Ernst & Young Oy, Helsinki, Finland).


While firms cite flexibility as important when repurchasing shares, we know little about how or why firms vary repurchases. We use an extensive sample of daily repurchase transactions from the UK to investigate how the number of repurchase days and volumes of shares repurchased change based on several known motivations. We find that stock price changes, liquidity, leverage, takeover activity, and EPS targets impact share repurchasing patterns. Further, we compare actual repurchases to alternative share accumulation strategies and find that firms utilize flexibility without paying higher costs.

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