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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 ...
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 ...