Using UK open market repurchases, we reject the market underreaction hypothesis and the market overreaction hypothesis proposed by (Ikenberry, Lakonishok and Vermaelen 1995) and (Peyer and Vermaelen 2009), respectively. The evidence supports that the UK market reacts slowly to actual repurchases...

Hard-to-value stocks provide opportunities for managers to exploit their informational advantage through trading on their firms' and their own personal accounts. In contrast to the prediction that such transactions reflect private information about future events, they are contrarian and heavily...

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...