The DOI matches its Crossref record; 34 of the 34 references it cites were found in a registry or an index.
Economic Sources of Gain in Stock Repurchases
Abstract
Previous studies offer a mixed understanding of the economic role of stock repurchases. This paper investigates three key economic motivations—mispricing, disgorging free cash flow, and increasing leverage—by evaluating cross-sectional differences in both the initial market reaction and long-run performance. The initial reaction provides some support for the mispricing story. However, subsequent earnings-related information shocks suggest that the initial market reaction is incomplete and that long-run performance may be informative. The long-horizon return evidence is most consistent with the mispricing hypothesis and, to some degree, the free cash flow hypothesis. We find little support for the leverage hypothesis.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
Jensen, M. C. (1986) · Cited by 17,275
The Cross‐Section of Expected Stock Returns
FAMA, E. F., & FRENCH, K. R. (1992) · The Journal of Finance · doi:10.1111/j.1540-6261.1992.tb04398.x · Cited by 17,261
Brown, S. J., & Warner, J. B. (1985) · Journal of Financial Economics · doi:10.1016/0304-405x(85)90042-x · Cited by 6,488
Fama, E. F., & French, K. R. (1997) · Journal of Financial Economics · doi:10.1016/s0304-405x(96)00896-3 · Cited by 5,669
Detecting long-run abnormal stock returns: The empirical power and specification of test statistics
Barber, B. M., & Lyon, J. D. (1997) · Journal of Financial Economics · doi:10.1016/s0304-405x(96)00890-2 · Cited by 2,689
Fama (1998) · doi:10.1016/s0304-405x(98)00026-9 · Cited by 2,576
Improved Methods for Tests of Long‐Run Abnormal Stock Returns
Lyon, J. D., Barber, B. M., & Tsai, C. (1999) · The Journal of Finance · doi:10.1111/0022-1082.00101 · Cited by 1,828
Market underreaction to open market share repurchases
Ikenberry, D., Lakonishok, J., & Vermaelen, T. (1995) · Journal of Financial Economics · doi:10.1016/0304-405x(95)00826-z · Cited by 1,733
Self-citationDividends, Share Repurchases, and the Substitution Hypothesis
Grullon, G., & Michaely, R. (2002) · The Journal of Finance · doi:10.1111/1540-6261.00474 · Cited by 1,467
Contrarian Investment, Extrapolation, and Risk
Lakonishok, J., Shleifer, A., & Vishny, R. W. (1994) · The Journal of Finance · doi:10.2307/2329262 · Cited by 1,354
Cited by
Farre-Mensa, J., Michaely, R., & Schmalz, M. (2014) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-110613-034259 · Cited by 224
Metadata
- Authors
- Chan, K., Ikenberry, D., & Lee, I.
- Venue
- Journal of Financial and Quantitative Analysis
- Publisher
- Cambridge University Press (CUP)
- Published
- 2004-09
- Volume
- 39
- Issue
- 3
- Pages
- 461-479
- ISSN
- 0022-1090 (ISSN-L)
- 1756-6916
- OpenAlex
- W2110000008
- Cited by
- 264
- References
- 34
- FWCI
- 30.03
- Type
- journal article
- Language
- en
- Open access
- closed
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Economic Sources of Gain in Stock Repurchases. https://app.cochat.ai/papers/10.1017/s0022109000003987
- The paper
- Chan, K., Ikenberry, D., & Lee, I. (2004). Economic Sources of Gain in Stock Repurchases. Journal of Financial and Quantitative Analysis. https://doi.org/10.1017/s0022109000003987
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
