During the 1980s, U.S. firms that announced stock repurchase programs earned favorable long-run returns. Recently, concerns have been raised regarding the robustness of these findings. This comes at a time of explosive worldwide growth in the adoption of repurchase programs. This study provides...

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...

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...