This study of real estate investment trusts (REITs) analyzes three possible explanations for the stock price reaction to a repurchase announcement and the subsequent repurchase behavior of managers under each hypothesis. Two of the hypotheses, the signaling hypothesis and the exchange option...

Publicly traded companies distribute cash to shareholders primarily in two ways - either through dividends or through anonymous repurchases of the companies' own stock on the open market. Companies must announce a repurchase authorization, but do not actually have to repurchase any stock, and...

We point out several methodological flaws in previous research that concludes that managers mislead shareholders into selling their stock for too cheap by releasing overly negative information before stock repurchases. In particular, this research relies primarily on measured market reaction to...

Previous studies disagree about whether open market repurchase announcements contain positive, negative, or no information about earnings expectations. In this comprehensive study, I use a novel measure of analyst earnings forecast revisions that corrects for undetected biases found in prior...

This paper examines the announcement timing of off-auction repurchases (OARs) in Japan. We provide two findings: (1) firms tend to announce OARs following earnings announcements immediately rather than simultaneously, and (2) firms engaged in OARs avoid weekend announcements significantly. These...

This paper studies whether open-market share repurchases provide or demand immediacy. Our measure for the predicted return from providing immediacy is constructed to be uncorrelated with other potential determinants of daily executions, namely cost minimization, the provision of liquidity, and...

Share repurchase commonly known as buyback in India, represents reverse process than issue of shares. Share buyback are carried out with different motives. A buyback generally refers to a corporate restructuring tool where, company through different options offer existing shareholders usually...