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Stats › Cotations, IPO et opérations sur titres › Buyback blackouts

Buyback blackout windows cut repurchase flow by 43% and move prices by nothing

No blackout days in the month: 0.167+0.167No blackout daysin the monthFully covered by blackout: 0.095+0.095Fully coveredby blackout

Monthly share repurchase intensity as a percentage of shares outstanding, US firm panel 2004 to 2019. The flow effect is large and well identified. The return effect, measured separately on an index of the 100 heaviest S&P 500 repurchasers over 1994 to 2018, is not statistically significant in any window tested.

Firms repurchase 0.167% of shares in months with no blackout days against 0.095% in fully covered months, a 43% reduction in flow. On an index of the heaviest S&P 500 buyback names the return effect is statistically indistinguishable from zero.

0.167%Monthly repurchase intensity with no blackout days
0.095%The same figure in fully blacked-out months
43%Absolute reduction in repurchase flow
AucunBlackout windows tested with a significant return effect

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