regulations. Before 2004, the U.S. companies were only required to
report the details of their repurchase activities on a quarterly basis. Since
2004, they have been required to disclose the total number of shares
repurchased and the average repurchase price for the previous fiscal
quarter on a monthly basis but are not obliged to provide the information
about trading dates. Therefore, the disclosure environment of share
repurchases in the U.S. still makes it difficult to accurately examine the
liquidity impact of actual share repurchases. In the case of Thailand, a
repurchasing firm is required to report the volume and value of shares
repurchased. It is also mandated to report the price data on a daily
basis by the start of the following business day, thus providing timely
information and more details of actual share repurchases.