We document a U-shaped relation between long-run excess returns after buyback authorization announcements and firm centrality in the input-output trade flow network. We rationalize this finding in a model in which investors are endowed with a large but finite capacity for analyzing firms....

This paper studies the strategic release of relevant corporate news in the hours after market closure. We document new stylized facts about investor attention and trading opportunities, resulting in three distinct after-Trading-Hours regimes. This structure, combined with ample firm discretion...