Targeted Repurchases and Common Stock Returns
研究定向回购中大宗股东和管理层的行动是否有利于回购公司的股东。发现从初始投资到回购期间的正股票收益表明大宗股东行动有益，而回购公告的负面价格反应不能决定回购是否损害股东，取决于管理层放弃的替代方案。
We examine whether the actions of the blockholder and repurchasing managers in targeted repurchases of common stock benefit the repurchasing firm's stockholders. Positive stock returns from the time of the initial investment through the repurchase indicate that blockholders' actions benefit stockholders. We argue that the negative stock price reaction to a repurchase does not resolve whether the decision to repurchase helps or harms stockholders. That determination depends on the alternatives forgone by the repurchasing managers. A low incidence of reported takeover events before and after block repurchases suggests that repurchases typically are not undertaken in place of a takeover of the firm.