Chan, Konan; Ikenberry, David L.; Lee, Inmoo; Wang, Yanzhi - In: Journal of Corporate Finance 16 (2010) 2, pp. 137-158
A rich literature argues that stock repurchases often serve as positive economic signals beneficial to investors. Yet due to their inherent flexibility, open-market repurchase programs have long been criticized as weak signals lacking commitment. We evaluate whether some managers potentially use...