We analyze personal open market trades by managers around stock repurchases by tender offer. With the exception of Dutch auction offers, managers trade their firm's shares prior to repurchase announcements as though repurchases convey favorable inside information to outsiders. Prior to fixed...

We examine the operating performance and stock of companies that make an initial public offering of common stock. In the year before offerings, operating performance is quite favorable, but following offerings operating performance declines and market-adjusted stock returns are negative. We find...