This paper examines the effect of actual share repurchases on the liquidity of listed rms on the Stock Exchange of Thailand (SET) over the period of thirteen years from 2002 to 2014. The results help shed some light on the long debate regarding the impact of share repurchases on liquidity. For the most part, the results reveal that share repurchases can help increase liquidity as shown by the narrower spreads and lower price impact on repurchasing days compared to non-purchasing days and the negative relationship between volume of shares repurchased and liquidity.