The Disparate Nature of Targeted Repurchases: Evidence from Long‐Run Performance
研究352起定向回购事件，发现非控制权相关的回购伴随正面股价反应和长期超额收益，而控制权相关的回购仅用于抵御收购，股价反应为负且长期表现不显著。
Abstract: We examine the announcement stock returns and long‐run performance of 352 targeted repurchases from 1979 to 1998. For those repurchases of blocks that are non‐control related we find a positive announcement stock price response and positive long‐run stock performance indicating that these repurchases are timed to occur when the company's shares are undervalued and that the market underreacts to this signal. In contrast, for those repurchases of blocks that are control related we find a negative announcement stock price response and insignificant long‐run stock performance indicating that these repurchases occur for a different reason. We conclude that control related repurchases are utilized solely to dismiss potential takeover bids and are not timed when the stock is undervalued.