We examine the long-run performance of 1,239 open market share repurchases announced during the period 1980 to 1990. We find that the average excess four-year buy-and-hold return measured after the initial announcement is 12.6 percent. For quot;valuequot; stocks, companies that are more likely...

We examine long-run firm performance following open market share repurchase announcements which occurred during the period 1980 to 1990. We find that the average abnormal four-year buy-and-hold return measured after the initial announcement is 12.1 percent. For `value' stocks, companies more...

Companies often announce their intention to re-acquire shares via open market transactions. These programs are not firm commitments. By design, they provide managers the flexibility to forego repurchasing stock. Managers concerned with maximizing the wealth of long-term stockholders will tend to...

Investors and the financial media apparently believe that some Wall Street equity analysts research is superior to others. We examine whether such quality differentials exist, in terms of analysts ability to forecast earnings accurately, and whether these differentials are identifiable on an ex...