Stock-Repurchase Announcements and Insider Transactions after the October 1987 Stock Market Crash
研究1987年股市崩盘后两周内近600家公司宣布股票回购的股价反应，发现这些公司在公告前股价异常下跌，公告后出现反弹，支持回购公告对市场有积极影响的观点。
0 The stock market crash on Monday, October 19, 1987 ignited an unprecedented rush by firms to announce open-market stock-repurchase programs. During the two weeks following the crash, almost 600 publicly traded firms announced these programs. In contrast, only 350 firms had announced open-market repurchase programs from January 1, 1987 to the crash date, while 250 firms announced stock-repurchase programs in November 1987 [6]. This study examines the stock-price movements of firms that announced repurchases in the two-week period immediately after the crash. The empirical results show that the stock prices of these firms had declined abnormally during the crash period prior to their repurchase announcements. The repurchase announcements generated stock-price rebounds in the period following the announcement. Overall, the results support the argument that the repurchase announcements had a positive impact on the stock market, consistent with the findings on the effects of stock-repurchase announcements in the Division of Market Regulation SEC Report [6].1 Much of the research on this paper was completed while Jeffry Netter was Senior Research Scholar at the SEC. The authors thank Janis