Choi, Dosoung; Chen, Sheng-Syan - In: Journal of Financial Research 20 (1997) 4, pp. 529-43
We identify the difference in the private information conveyed by the announcements of a share repurchase tender offer and of a regular dividend increase. We find that, after controlling for timing, industry, size of cash distribution, and other firm-specific characteristics, a share repurchase...