The Effects of Stock Repurchases on Rival Firms
研究宣布股票回购要约的企业，其同行业竞争对手的股价行为。基于134个回购公告样本，发现竞争对手在公告期平均异常收益不显著，长期表现略差但统计上不稳健，表明回购信息主要与企业自身相关。
ABSTRACT This paper investigates the stock price behavior of rival firms in the same industry as firms announcing stock repurchase tender offers. Using a sample of 134 repurchase announcements, I find that rival firms on average realize insignificant announcement period abnormal returns. Negative rival stock price performance is detected over longer intervals surrounding the announcement period and for a subset of announcements which ex ante were identified as most likely to affect rivals. This evidence, however, is statistically weak and does little to alter the overall conclusion that the information in repurchase announcements is primarily firm‐specific.