The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
The Information Content of Share Repurchase Programs
Open accessAbstract
Contrary to the implications of many payout theories, we find that announcements of open‐market share repurchase programs are not followed by an increase in operating performance. However, we find that repurchasing firms experience a significant reduction in systematic risk and cost of capital relative to non‐repurchasing firms. Further, consistent with the free cash‐flow hypothesis, we find that the market reaction to share repurchase announcements is more positive among those firms that are more likely to overinvest. Finally, we find evidence to indicate that investors underreact to repurchase announcements because they initially underestimate the decline in cost of capital.
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Cites
Common risk factors in the returns on stocks and bonds
Fama, E. F., & French, K. R. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90023-5 · Cited by 25,754
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
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Metadata
- Authors
- Grullon, G., & Michaely, R.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2004-03-25
- Volume
- 59
- Issue
- 2
- Pages
- 651-680
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3123970652
- Cited by
- 823
- References
- 1
- FWCI
- 115.63
- Type
- journal article
- Language
- en
- Open access
- green
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- Grullon, G., & Michaely, R. (2004). The Information Content of Share Repurchase Programs. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2004.00645.x
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.
