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We explore the link between open market share repurchases (OMRs) and asymmetric information - based on financial reporting quality - and find opaque firms experience positive abnormal returns twice the magnitude of transparent firms. These significant differences remain after controlling for...
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about the state of demand. We give conditions under which market-share contracts are profitable, and we show that, in some … information rent in the high state and demand is distorted in the low state). Our results also inform the antitrust debate on …
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