We examine the extent to which announcements of open market share repurchase programs affect the valuation of competing firms in the same industry. On average, although firms announcing open market share repurchase programs experience a significantly positive stock price reaction at...

This study evaluates the disclosure of size revisions of seasoned stock offerings to determine what information is imparted to investors by the revision announcements. The results suggest not only that the announcements disclosure market- but not the firm-originating information; they also...