Abstract
This study discusses stock market share repurchase with prior announcement from the viewpoint of a firm management between February 2010 and December 2013. We find that of the about 781 share repurchases for firms listed on the first section of the Tokyo Stock Exchange (TSE), lower liquidity firms are likely to use the Tokyo Stock Exchange Trading NeTwork System for Off-Auction Own Share Repurchase Trading (ToSTNeT-3). This result supports a certainty and immediacy hypothesis. Furthermore, if we focus on the motivations of both the share seller and the buyer, we also find evidence that management chooses ToSTNeT-3 by accepting requests from block-holders (mainly general corporations other than financial institutions).
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