Which of the following statements about stock repurchases is true?

Question 45 options:

	Most share repurchases are conducted by notifying shareholders that the firm wants to repurchase a specified number of shares at a specified price that is usually 15-20% above the current market value with a request for interested shareholders to tender their shares
	The numerous SEC filing requirements make the transaction costs of share repurchases prohibitively high
	Most share repurchases are executed via firms' simply buying their own shares on the open market
	Once a firm announces that it plans to repurchase a specific number of its shares on the open market, it is obligated to execute the repurchase within the next one to three years