The authors found that:
74% to 82% of firm announcing buybacks actually repurchase the number of shares they originally intend to within three years. 57% repurchased more than they originally intended to three years later. 30% repurchased more than twice the original amount three years later.
You can read it here.
Now, seeing as the current record buyback binge in corporate America is a 21st century phenomenon, I want to see any new studies out there for comparison of the results. Basically, has there been an improvement or a deterioration in the percentage of firms that announce, and then complete share buybacks in a reasonable time frame?
This one, while very good, is from 1998 and covers the time period from 1981-94, and the authors do admit "some information was not available for 141 out of 591 firms before 1984." I would imagine in today's information rich era, this is no longer a problem and getting these studies out requires much less time and energy.
If anyone has one, please email me or post it to the comments section. Thank you.