We examine the long-run performance of 1,239 open market share repurchases announced during the period 1980 to 1990. We find that the average excess four-year buy-and-hold return measured after the initial announcement is 12.6 percent. For quot;valuequot; stocks, companies that are more likely...

We examine long-run firm performance following open market share repurchase announcements which occurred during the period 1980 to 1990. We find that the average abnormal four-year buy-and-hold return measured after the initial announcement is 12.1 percent. For `value' stocks, companies more...

During the 1980s, U.S. firms that announced stock repurchase programs earned favorable long-run returns. Recently, concerns have been raised regarding the robustness of these findings. This comes at a time of explosive worldwide growth in the adoption of repurchase programs. This study provides...