Voluntary disclosures regarding open market repurchase programs

Leonce Bargeron, Alice Bonaimé, William Docimo, Mei Feng, Shawn Thomas

Research output: Contribution to journalArticlepeer-review

1 Scopus citations


This paper studies voluntary disclosures that firms have suspended, resumed, or completed their open market repurchase programs. Voluntary disclosures of repurchase status updates are common and value-relevant. They also inform subsequent repurchase activities: voluntary disclosers are more likely to complete their repurchase programs and to initiate new repurchase programs than firms with undisclosed repurchase status changes. Moreover, firms that disclose repurchase suspensions experience larger returns to subsequent repurchase authorizations, consistent with a reward for establishing a reputation for transparency via voluntary bad news disclosure. Finally, exploiting a change in repurchase reporting requirements, we document that voluntary updates are less frequent when mandatory disclosure increases. An important exception, however, is when macroeconomic uncertainty is high, such as during the Great Recession and the COVID-19 pandemic.

Original languageEnglish
Pages (from-to)1151-1185
Number of pages35
JournalContemporary Accounting Research
Issue number2
StatePublished - Jun 1 2024

Bibliographical note

Publisher Copyright:
© 2024 Canadian Academic Accounting Association.


  • payout flexibility
  • payout policy
  • share repurchases
  • voluntary disclosure

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics


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