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Buyback Blackout Reopen

Updated dailyData needs: mediumlong shortlong onlyshort only

1995

#87 buyback_blackout_reopen — buyback calendar boundaries; extends Ikenberry-Lakonishok-Vermaelen 1995.

In plain terms

Buyback programs stop in the ~30-day pre-earnings blackout, removing a price floor. Short into blackout, long the resumption post-earnings.

How it works

Firms with active repurchase programs are restricted from buying during ~30-day pre-earnings 'blackout' windows (SEC Rule 10b-18). Demand floor drops → small dip pre-earnings. Reopen post-earnings: program resumes → renewed demand floor → small drift up. Asymmetric small-edge family; best traded as overlay or sizing modifier.

Live results

57 times picked on its own · 68 times inside a blend (56 beat the stock) · updated 2026-06-06

This strategy is a frequent ingredient in blends that combine a few strategies on one stock. It has contributed to 68 such blended picks (56 of which beat simply holding the stock). Picking it on its own is only one of the ways it shows up.

How its picks scored vs. buy & hold

Each pick is graded on a recent year it was never tuned on, against simply owning the same stock

Where its edge concentrates

Share of picks in each company-size group that beat buy & hold

How often it trades

Active vs. patient. Bars on the left mean it waits for rare setups; bars on the right mean it trades often

Return vs. buy & hold

How much each pick beat or trailed simply owning the stock over the test year (extreme microcap moves trimmed)

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Data dependencies

SEC 8k events
Item-coded 8-K events (1.01 material agreements, 4.02 non-reliance, etc.).
Earnings history
A data feed this strategy reads, refreshed on its normal schedule.

Expected edge

Reported return: ~50-150 bps annualized

Small but consistent — ~50-150 bps annualized; primary value is correlation diversification.

Related families

Buyback DriftPrice & Market Behavior

Companies that announce (or quietly start) share buybacks beat the market by 3-4% over the next year, strongest in beaten-down value names.

Explore Buyback Blackout Reopen on alphactor.ai

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