This paper examines the market reaction to TSX stock repurchase announcements. The findings indicate that TSX stock repurchase announcements result in a significant market reaction and provide mixed support for the TSX requirements to disclose the reason(s) for a stock repurchase program and to...

We investigate the financing strategies and valuation effects of 247 IPO firms at the "Neuer Markt" in Germany that either issued additional equity (SEO) or repurchased shares (SRP) within five years after going public. IPOs issuing additional equity exhibit a temporary outperformance before the...

This paper examines the long-term wealth effect of 948 share repurchase announcements in the Taiwan market. We also investigate what factors determine the wealth effect of share repurchases. Our findings show that share repurchases induce positive buy-and-hold abnormal returns during the...

Financial decisions can be used to convey information to uninformed market participants aiming to mitigate pricing inefficiencies. Corporate share repurchases are particularly interesting since they have emerged as an integral component of corporate payout policy with a global spread. The...