Roll (J Financ 43:541–566, <CitationRef CitationID="CR42">1988</CitationRef>) argues that firm-specific stock return volatility may result either from informed trading or from noise trading that is unrelated to information. In this paper we provide evidence that insider purchases are inversely related to the idiosyncratic volatility of...</citationref>

Purpose -The wealth effect of accelerated stock repurchase (ASR) documented by previous studies is not as large as the authors would have expected. The authors believe that there are potentially important sampling problems in the previous studies, which make the results less reliable....

This article investigates the signaling theory and the benefit of debt theory to explain higher returns for bidders offering cash rather than stock, using Standard and Poor's debt rating reviews and changes. Results imply that cash acquisitions and stock acquisitions have different sources of...

Studies examining long-term performance after stock repurchases provide mixed results. I point out two substantive problems in samplings of early studies. First, we should distinguish whether or not firms actually repurchase shares following announcements of repurchase programs. Second, as some...

This paper addresses a particular form of price discrimination, known as "chaotic discrimination", that has the following features: sellers quote a common price but, in reality, they engage in secret and apparently unsystematic price discounts "which may be seriously inconsistent with...