Wang, Chuan-San; Strong, Norman; Tung, Samuel; Lin, Steve - In: Financial Management 38 (2009) 3, pp. 487-505
"We examine the market reaction to announcements of actual share repurchases, events that cluster both within and across firms. Using a multivariate regression model, we find that the market reacts positively to the events, indicating that these announcements provide additional information to...