From www.sciencedirect.com: CEOs are less likely to repurchase shares when they sell equity, contradicting the idea that share repurchases are used opportunistically to inflate stock prices for personal gain.

Research shows that repurchases coinciding with equity vesting do not lead to detrimental long-term shareholder value, indicating a more nuanced understanding of the impacts of corporate governance on buyback strategies.

The alignment of share repurchases and equity-based compensation with a firm’s corporate calendar, specifically earnings announcements and insider trading restrictions, explains observed correlations between these actions.