Using corporate payout data from 33 economies around the world, this study investigates the relations among stock repurchases, dividends and firm value (as well as cash value) under different investor protection environments. We find that stock repurchases contribute more to firm value in...

Using a sample of over 9,000 buyback announcements from 31 non-U.S. countries, we find support for the results of studies based on U.S. data: on average, share repurchases are associated with significant positive short-term and long-term excess returns. However, excess returns depend on the...