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...

We examine the disclosure of size revisions of seasoned stock offerings to see what information revisions impart to investors. Revisions could deliver firm-originated information, which discloses something managers know about the firm. Alternatively, they could disseminate market-originated...