Paper Title
Peer and Social Learning Effects on Share Repurchases Decision

We find that firms will bemore likely to announce share repurchase if their peer firms have recently done so. The peer effect is significantly obvious in the“transfer to employee” repurchase motive. The probability of a firm announce the “buyback andretired” repurchase motive also decreases as their peers’ announcementswith the negative returns. These results are partially consistent with social learning from peers’ actions and outcomes. We also find no benefit in following a successful peer announcement. Index Terms—peer effect, share repurchase, social learning effect