This paper relates informed repurchases to firm information asymmetry. We propose a new measure of informed repurchases, which is based on causality tests relating repurchase information to firm returns. Our results indicate that informed repurchases show larger abnormal returns surrounding the...

This paper examines the present value framework that links market capitalization to non-dividend cash flows (i.e., share repurchases and issuances) beyond the conventional price–dividend relationship. We show that total (dividend plus non-dividend) cash flows can account for a large fraction...