The Information Content of Common Stock Repurchases: An Empirical Study1
研究了股票回购公告传递的信息性质，发现其不仅预示未来现金流水平变化，还预示现金流风险变化，对投资者理解回购信号有参考价值。
SUMMARY Share repurchase announcements are known to be associated with significant positive abnormal stock returns. Past studies have argued that the main explanation of this value creation is that share repurchases signal new (and favourable) information about the repurchasing firms' future cash flows. This paper examines this hypothesis and provides evidence on the nature of the information revealed by share repurchases. Using a sample of 41 repurchase announcements from the USA, we show that the new information signalled to the stock market through share repurchasing is not only about changes in the level of future cash flows but also about changes in the riskiness of these cash flows.