accelerated share repurchases

The causes and consequences of accelerated stock repurchases
We compare accelerated share repurchases (ASR) and open market repurchases (OMR) between 2004 and 2007. ASR firms had lower market-to-book ratios, less cash, and higher managerial entrenchment. ASR firms were subject to more takeover rumors, influencing their choice. ASR firms experienced positive returns and reduced takeover probability.
Ali C. Akyol, Jin San Kim, Chander Shekhar
Cite DOI
The causes and consequences of accelerated stock repurchases