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A Comprehensive Examination of the Wealth Effects of Recent Stock Repurchase Announcements
In this paper we examine the wealth effect of stock repurchase announcements using a sample of 11,862 repurchase programs announced during 1994-2007. The results of several recent industry surveys indicate that managerial ...
Free Cash Flows and the Wealth Effects of Stock Repurchase Announcements
The free cash flow hypothesis predicts that repurchasing firms with free cash flows will have larger announcement-period abnormal returns than repurchasers that do not have free cash flows. We test the free cash flow ...