Purpose - The purpose of this paper is to analyze the impact of firm level corporate governance practices on the riskiness of a firm's stock returns. Design/methodology/approach - We construct an index of governance quality incorporating best practices stipulated by regulators. We employ...

Recent academic studies document that open market share repurchase announcements in the United States generate significantly lower returns than those reported in earlier studies. We find that the lower announcement return is associated with an increasing number of subsequent announcements in the...