Market Underreaction to Open Market Share Repurchases
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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 likely
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美国国家经济研究局创建时间：
1994-12-01
