We investigate the causes and consequences of 737 privately negotiated share repurchases in the years 1984-2001. In contrast to the negative announcement returns and positive repurchase premiums reported by past research, we find positive announcement returns and premiums that are not...

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...

Using recent data, we reject the hypothesis that the buyback anomalies first reported by Lakonishok and Vermaelen (, Journal of Finance 45:455-77) and Ikenberry, Lakonishok, and Vermaelen (, Journal of Financial Economics 39:181-208) have disappeared over time. We find evidence consistent with...

This paper uses the 2013 fiscal cliff as a natural experiment to examine how the political affiliation of the CEO affected a firm's response to an expected increase in personal taxes on dividends. Firms could avoid such additional taxes by paying extra dividends and accelerating dividends in the...