Repurchasing Shares on a Second Trading Line

@article{Perignon2005RepurchasingSO,
  title={Repurchasing Shares on a Second Trading Line},
  author={C. Perignon and Dennis Y. Chung and Du{\vs}an Isakov},
  journal={Review of Finance},
  year={2005},
  volume={11},
  pages={253-285}
}
This paper studies a unique buyback method allowing firms to reacquire their own shares on a separate trading line where only the firm is allowed to buy shares. This share repurchase method is called the Second Trading Line and has been extensively used by Swiss companies since 1997. This type of repurchase is unique for two reasons. First, unlike open market programs, the repurchasing company does not trade anonymously. Second, all transactions made by the repurchasing firm are publicly… Expand
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