We examine trading activity around insider transactions on the Toronto Stock Exchange and find evidence that some traders mimic insider positions. Our unique dataset allows us to establish a direct connection between insiders, their brokerages, and the brokerages' other clients. The findings are...

This paper examines firms' choice of the repurchase program and the links between that choice, the determination of repurchase terms, and the announcement period price reaction. Our conditional event study shows that firms choose tender offers when they have greater financial slack and large...

This paper examines open market share repurchases in Canada (called normal course issuer bids, henceforth NCIBs). Similar to announcements of U.S. open market share repurchases, announcements of Canadian NCIBs are accompanied by a significantly positive stock price reaction. But if NCIBs signal...

This paper analyzes a database of 60,000+ individual repurchase trades from the Toronto Stock Exchange. The average intraday price impact of repurchase trades is negative, since, because of execution rules, 60% are seller-initiated. Prices fall less following repurchase than matched...