In this paper, we examine firms’ motivation to conduct an Accelerated Share Repurchase (ASR) comparing to an OMR. ASRs have become the second most popular method of share repurchases in the US. Based on a comprehensive sample of ASR contracts, we find that the cumulative abnormal stock returns surrounding ASR announcements are positive and significantly higher than those for OMR, and ASR market reaction is positively linked to pre-repurchase stock return. The results suggest that firms use ASR to signal short-term undervaluation. We also find support for an earnings management explanation. Our findings strongly support the agency theory of free cash flow explanation for ASR comparing to OMR. The likelihood of conducting an ASR is higher for firms with a larger firm size, higher levels of cash and free cash flow, better operating performance, but a declining investment set. The use of ASR serves as a more efficient method to convey the short-term equity undervaluation and management’s commitment to return excess cash to shareholders.

在本文中，我们与OMR相比，考察了企业进行加速股份回购（ASR）的动机。ASR已成为美国第二大最受欢迎的股票回购方法。基于全面的ASR合同样本，我们发现围绕ASR公告发布的累计异常股票收益为正，并且显着高于OMR，并且ASR市场反应与回购前的股票收益呈正相关。结果表明，企业使用ASR表示短期低估。我们还为收入管理解释提供支持。我们的发现强烈支持与OMR相比，ASR的自由现金流解释的代理理论。对于具有较大公司规模，现金和自由现金流较高，经营业绩较好，但投资组合却在下降。ASR的使用是传达短期股权低估和管理层向股东返还多余现金的承诺的一种更有效的方法。